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HomeTechnologyFord doubles investment in electric and autonomous vehicles to $ 29 billion

Ford doubles investment in electric and autonomous vehicles to $ 29 billion

The US car maker Ford. (Photo: Philip Lange / Shutterstock)

The second largest US automaker Ford was deep in the red at the end of the year , nevertheless wants to significantly increase its investments in electric vehicles.

In the fourth quarter, the bottom line was a loss of 2.8 billion dollars (2.3 billion euros), according to Ford on Thursday Announced US market close. Nevertheless, further investments are to be made.

Group-wide revenues fell by nine percent to 36 billion dollars compared to the same period last year. However, there was a ray of hope in European business, which had been ailing for a long time, with operating profit rising by 342 million to 414 million dollars – according to Ford, the best quarterly result in more than four years.

Despite the recent losses, the group wants to expand its involvement in electric and self-driving cars. By 2025, Ford wants to invest 22 billion dollars in the electrification of its fleet, announced CEO Jim Farley. Another seven billion dollars are to flow into the development of autonomous vehicles. From 2023, Google’s Android Automotive will also be integrated into the vehicles.

In 2020 as a whole, Ford, like many other car manufacturers, felt the consequences of the corona crisis and had to get over an 18 percent drop in sales to $ 127.1 billion. The bottom line was a loss of $ 1.3 billion in the annual balance sheet, after there had been a black zero in the previous year. dpa

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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