Aug 2021

Ford Will Spend More on EVs Than Internal Combustion in 2023

Ford Motor Co. will spend more on electric vehicles than on gasoline-powered vehicles in 2023, according to Lisa Drake, the company’s North America COO. The automaker is in the midst of a $30 billion investment in EVs through 2025 and until now has not put a timetable on when EV spending will exceed internal combustion engine spending.

“We’ve been over the moon about the success of the [Mustang] Mach-E and the F-150 Lightning by bringing in over 70 percent new customers to the Ford brand,” she said. “That gives us an opportunity to not only lead on the ICE business but also in the EV space with F-150. Our aspirations are high. We don’t plan to cede truck leadership to anybody.”