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Ford to invest $850 million in a bid to revitalize its electric vehicle program

In a move that might serve as a reminder of Ford’s plans for the future, the company announced on Wednesday that it would be investing nearly $850 million to add more production capacity at a second U.S. factory for its next-generation battery-electric vehicle program, as reported by TechCrunch.

The leading automaker announced that the investment will be made through 2023 and the main thrust of the investment will be to expand Ford’s Flat Rock Assembly Plant in southeast Michigan.

Ford is also planning to come out with the next generation of Mustang and the injection of cash is a part of the $900 million investment in Ford’s operation in southeastern Michigan. This latest round of investment comes as a reminder of Ford’s previously announced commitment to invest nearly $11.1 billion in developing electric vehicles.

The stage is all set for Ford’s all-electric SUV which is scheduled for release in 2020 and will be produced in Cuautitlán, Mexico plant.

Speaking about the future plans, Joe Hinrichs, Ford’s president of global operations said, “We’ve taken a fresh look at the growth rates of electrified vehicles and know we need to protect additional production capacity given our accelerated plans for fully electric vehicles.”

“This is good news for the future of southeast Michigan, delivering more good-paying manufacturing jobs,” he added.

As per the report, Ford will use the money to develop 16 all-electric vehicles within its global portfolio of 40 electrified vehicles through 2022. At the heart of the electrification drive is the Corktown Project which is a massive 1.2 million-square-foot space dedicated to its electric and autonomous vehicles businesses.

One of the most-anticipated models is the Mustang inspired crossover which is scheduled to be released in 2020. So, it seems that Ford is all set to change the face of electric vehicles in the near future and pave the way for the mass adoption of electric vehicles.

Source: TechCrunch  

Image: Shutterstock

Ford to invest $850 million in a bid to revitalize its electric vehicle program
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