Friday, 24 March, 2023

Ford to invest $50B by 2026 to compete with Tesla

<p>Ford CEO, Jim Farley announced that the American automobile giant is increasing its initial investment in EVs from $30B by 2025 to $50B by 2026. The announcement comes after Ford separated its combustion business from its EV business. The investment will contribute towards the company&rsquo;s goal of producing more than 2M EVs in 2026. CFO, John Lawler said that Ford does not expect any profit until the next generation of EVs which will arrive sometime in 2025.</p>