Ford Motor Co.
plans to boost spending on electric-vehicle development by billions of dollars beyond previous plans and expects 40% of its global sales to be fully electric by 2030, as Chief Executive
bets bigger on plug-in cars.
Ford will spend $30 billion by 2025 to expand its electric lineup, up from the $22 billion it forecast earlier in the year, it said Wednesday. That figure is a cumulative total that includes spending over the past few years, and includes capital earmarked for two future U.S. battery-cell factories with Korea’s
SK Innovation Co.
The companies said last week they plan to form a joint venture.
Mr. Farley, who took over last fall, is scheduled to present more details during a virtual investor presentation later Wednesday to outline his plan to reverse years of declining profits.
The company also said it expects in 2023 to achieve an 8% operating margin, up from around 4% in recent years. It had previously pegged the 8% mark as a goal but hadn’t specified a timeline.
Write to Mike Colias at Mike.Colias@wsj.com
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