Ford’s COO Lisa Drake and CFO John Lawler, speaking at a Barclays investor event on August 2nd revealed that by 2025 the OEM will be spending more on electrification than on its gas and diesel powered vehicles. Drake referenced the positive response to Ford’s existing EV offerings. “We’ve been over the moon about the success of Mach-E, and the F-150 Lightning, by bringing in over 70% new customers to the Ford brand,” Drake said. “What that allows us to do is, now we have an opportunity not only to lead on our ICE business, but also in the EV space with F-150. So our aspirations are high.” The company’s spending plans aren’t limited to vehicles. Ford recently announced it was investing $185 million into Ford Ion Park, its new battery centre of excellence. As well, it has secured a partnership with battery maker SK Innovation. The joint venture, BlueOvalSk, is set to manufacture battery cells and arrays in Georgia.

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