Ford | EV US: Ford to pump in $3.7 billion to boost EVs, gasoline-driven vehicle prodn
Michigan: Automaker Ford announced Thursday an investment of $3.7 billion in Ohio, Michigan, and Missouri for the production of both EVs and gasoline-driven vehicles, Reuters reported.
Ford officials said $2.3 billion of the total investment will be spent on EVs, part of the previously planned $50 billion investment for EV production through 2026.
In March, the Michigan based company had said it would increase spending on EV to $50 billion, up from $30 billion outlined previously.
Further, it also said that it would run its Internal Combustion Enterprises (ICE) and EV businesses as separate units in a move to compete with EV industry leader Tesla.
The company also said it plans to manufacture over 2 million EVs per year globally by the end of 2026.
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