DETROIT — Ford Motor Co. said Wednesday it is upping its spending on electrification by $8 billion to $30 billion through 2025 and expects 40 percent of its global sales will be fully electric by 2030.
Ford is also doubling-down on its commercial business, expecting to nearly double the $27 billion it earned in 2019 from revenue tied to commercial hardware and adjacent services, estimating it will be $45 billion by 2025. It's creating Ford Pro, a services and distribution business that will be geared toward commercial and government customers. Ted Cannis, Ford's head of North America commercial vehicles, will become Ford Pro's CEO.
The automaker announced the moves ahead of its Capital Markets Day, which CEO Jim Farley said last week would be "my management team's coming out party." Ford is also expected to announce additional EV plans, including the creation of two new battery-electric vehicle platforms by 2025, according to Reuters.
Ford also said Wednesday that it has booked 70,000 reservations, in the form of $100 refundable deposits, for the F-150 Lightning revealed last week. Farley had previously said it amassed 45,000 reservations in 48 hours.
