On January 16th, according to reports from foreign media, Ford has significantly boosted its investment in electric vehicles, raising it from $4.5 billion to $11 billion. This move places the global automotive industry’s total investment in electric vehicles over $90 billion. The surge in funding reflects a growing commitment from automakers worldwide to transition toward sustainable transportation.
Previously, Ford had aimed to invest $4.5 billion in electric vehicles by 2020. However, at the Detroit Auto Show, Bill Ford, the company’s chairman, announced an ambitious expansion of this plan. The new target is to allocate $11 billion by 2022, with the goal of launching 40 electric vehicles—16 of which will be fully electric and 24 plug-in hybrids. This shift signals Ford's determination to remain competitive in the evolving automotive landscape.
With Ford increasing its electric vehicle investment by 144%, the overall global investment now exceeds $90 billion. This figure includes not only electric vehicles but also critical supporting technologies like battery development, which are essential for the success of the electric vehicle market.
The majority of the $90 billion comes from German automakers, who have committed over $52 billion. Chinese automakers follow closely with $21 billion, while U.S. companies, including Ford, have pledged $19 billion. These investments highlight the global race to lead in the next generation of mobility.
Volkswagen, one of the largest investors, plans to spend $40 billion by 2030 to introduce electric versions of more than 300 models. Daimler, another major German automaker, is investing at least $11.7 billion to launch 10 all-electric vehicles and 40 hybrid models, aiming to electrify its entire product range—from small cars to heavy trucks.
Despite these massive investments, electric vehicles still make up a tiny fraction of the global car market. In 2017, global car sales reached 90 million, but electric vehicles accounted for less than 1%. The market remains in its early stages, with many challenges to overcome.
Moreover, the variety and scale of electric vehicle offerings still lag behind traditional fuel-powered cars. Tesla, a leading player in the electric vehicle space, only offers three models—S, X, and Model 3—and sold over 100,000 units in 2017. In contrast, companies like Toyota and Volkswagen offer hundreds of models and achieve annual sales exceeding 10 million units. The gap between electric and conventional vehicles remains significant, but with continued investment and innovation, the future of electric mobility looks promising.
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