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Ford Expects 40% of Global Vehicle Volume to Be Fully Electric By 2030


Ford unveiled the new all-electric F-150 Lightning pickup truck at an event in Dearborn, Mich., May 19.



Photo:

Dominick Sokotoff/Zuma Press

Ford Motor Co.

F -1.91%

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

Jim Farley

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

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



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