2/2 © Reuters. FILE PHOTO: Ford Motor Co. CEO Jim Farley and CEO Bill Ford Jr. pose next to a new 2021 Ford F-150 pickup in Dearborn, Michigan 2/2
DETROIT (Reuters) – Ford Motor (NYSE 🙂 Co on Thursday raised the amount of money it plans to spend on electric and autonomous vehicles to $ 29 billion, even as it posted a fourth-quarter net loss of $ 2.8 billion. The second largest US automaker also said a global shortage of semiconductor chips could lead to a 10% to 20% loss in first quarter production. Ford said it was “doubling down” on connected electric vehicles, and said it will spend $ 22 billion on electrification through 2025, almost double what it had previously committed to electric vehicles. Chief Executive Jim Farley said Ford is “on the ball and won’t give up on anyone” in electric vehicles. Ford also said it will invest $ 7 billion in autonomous or autonomous technology development. “We are accelerating all of our plans, breaking limitations, increasing battery capacity, improving costs and incorporating more EVs into our product cycle plan,” Farley said in a statement. “People are responding to what Ford is doing today, not someday.” Ford previously pledged to invest $ 11.5 billion in electrification, including hybrid gasoline and electric vehicles, through 2022. That included the launch of the Mustang Mach-E EV crossover and electric versions of the F-150 pickup truck and the Transit van. US rival General Motors Co (NYSE 🙂 has said it will spend $ 27 billion by 2023 on electric and autonomous vehicles. It said it plans to offer 30 electric vehicles worldwide by 2025 and aims to surpass annual sales of 1 million electric vehicles in the United States and China by 2025.