Despite extremely strong sales so far this year, Ford has decided it needs to do more right now, for the future. If you ask any industry expert, or automaker, the future belongs to electrification.
This is why the Ford Motor Company has assembled a crack global team, headed by Ted Cannis, of people whose job will be to put the pedal to the metal when it comes to accelerating the development of electric vehicles. The time to mull over the potential of electrification is over. Now is the time to act.
Ford announced a while back their plan to invest up to $4.5 billion over a five-year period to develop the technologies. One of the task put to the new global team is to identify and build new partnerships with other like-minded companies, including parts suppliers.
The Blue Oval’s large investment lines up with their intent to cut $14 billion in costs over the same period of time.
As countries like China, France, India, and the United Kingdom have announced plans to essentially ban the sale of new internal combustion engine vehicles between 2030 and 2040, the time to prepare is upon them.
Recently minted Chief Executive Officer Jim Hackett (replaced Mark Fields last May) is working on cutting costs at Ford but at the same time is expected to deliver on the 13 new electric or hybrid vehicles that were promised a while back, once more within the same next five years.
If anyone can pull this off, Ford can.