- Ford reported its earnings for the final quarter of 2020 on Thursday.
- The automaker reported a $2.8 billion net loss in the fourth quarter.
- It also said it’s “doubling down” on electric vehicles, and committed billions to electrification.
- Visit the Business section of Insider for more stories.
Ford on Thursday boosted the amount of money it plans to invest in electric and autonomous vehicles to $29 billion even as it posted a fourth-quarter net loss of $2.8 billion.
The No. 2 US automaker also said the global semiconductor chip shortage could lead to a 10% to 20% loss in first-quarter production.
Ford said it was “doubling down” on connected electric vehicles, saying it will invest $22 billion in electrification through 2025, nearly twice what it had previously committed to EVs. Chief Executive Jim Farley said Ford is “all in and will not cede ground to anyone” on EVs.
Ford also said it will invest $7 billion in self-driving, or autonomous, technology development.
“We are accelerating all our plans – breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” Farley said in a statement. “People are responding to what Ford is doing today, not someday.”
Ford previously committed to invest $11.5 billion in electrification, including gasoline-electric hybrid vehicles, through 2022. That included the launch of the Mustang Mach-E EV crossover, and electric versions of the F-150 pickup and Transit van.
US rival General Motors Co has said it will spend $27 billion by 2023 on electric and autonomous vehicles. It said it plans to offer 30 EVs globally by 2025 and is targeting topping annual sales of 1 million EVs in the United States and China by 2025.