On January 16th, according to reports from foreign media, Ford recently announced that its investment in electric vehicles has more than doubled, rising from $4.5 billion to $11 billion. This significant increase reflects a broader trend, as global automakers have now poured over $90 billion into electric vehicle development. The surge in funding highlights the growing importance of electrification in the automotive industry.
Previously, Ford had planned to invest $4.5 billion in electric vehicles by 2020. However, at the Detroit Auto Show, Ford chairman Bill Ford revealed a revised strategy, stating that the company would boost its investment to $11 billion by 2022. Under this plan, Ford aims to launch 40 electric vehicles by that time—16 of which will be fully electric, while the remaining 24 will be plug-in hybrids. This move underscores the company’s commitment to transitioning toward a more sustainable future.
With Ford increasing its investment by 144% to $11 billion, the total global investment in electric vehicles now exceeds $90 billion. This figure includes not only electric vehicles themselves but also critical battery technologies that support the industry's growth. As the demand for cleaner transportation rises, automakers are racing to secure their positions in the evolving market.
According to the latest data, among the $90 billion in announced investments, German automakers have contributed the most, with over $52 billion allocated. Chinese automakers follow closely with $21 billion, while U.S. automakers, including Ford, have plans to invest $19 billion. These figures reflect the global scale of the electric vehicle revolution.
Volkswagen is leading the charge, planning to invest $40 billion by 2030 to introduce electric versions of more than 300 models. Daimler, another major German automaker, has committed at least $11.7 billion to develop 10 all-electric vehicles and 40 hybrid models. Their goal is to electrify everything from small commuter cars to heavy trucks, signaling a comprehensive shift in the industry.
Despite these massive investments, electric vehicles still hold a very small share of the global automotive market. In 2017, global car sales reached 90 million units, but electric vehicles accounted for less than 1%. This low penetration highlights the challenges that remain in achieving widespread adoption.
Additionally, the range of models and sales volume of electric vehicle manufacturers still lag far behind traditional automakers. Tesla, often seen as a leader in the electric vehicle space, currently offers just three models: the S, Model 3, and Model X. In 2017, it sold over 100,000 units. By contrast, companies like Volkswagen and Toyota offer hundreds of models and achieve annual sales exceeding 10 million units. This gap shows that while progress is being made, there is still a long way to go before electric vehicles can match the breadth and reach of conventional cars.
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