Ford to invest up to $29 billion in electric vehicles and autonomous vehicles

Ford to invest up to $29 billion in electric vehicles and autonomous vehicles

According to Farley, Ford’s decision to venture even more into electrification and automation could take its customer experience to a whole new level. At the same time, the company would also improve in various areas, including supply chain, manufacturing, and technology. Like some automakers out there, it strives to shift towards the inevitable future characterized by clean-energy cars. Its approach includes getting into partnership and also investing more in the sector.

During this year’s CES convention, Marry Barra, the CEO of General Motors (GM), said that this is the time when high electric vehicle adoption will be rapid. That’s not different from what Farley highlighted when speaking at the earnings call. He went further to give an interesting example. Farley compares the snowballing electric vehicle sales in China and the fact that Europe registers a single sale of purely electric cars for every ten vehicle sales. As far as he is concerned, as much as the transition is still in its early stages, one can tell regions’ speed towards the same. He noted that electric vehicles’ demand is increasing rapidly among the customers in the United States.

Given that Ford is embracing technology, including software, Farley believes that it makes the company well-equipped to explore connected vehicles and autonomous vehicles extensively. After all, there is still room for improvement when it comes to electric cars that would match the new generation. It explains why the company is collaborating with Google. The partnership would facilitate the utilization of the cloud, data analysis, AI, and machine learning. Another similar partnership that would make traffic congestion a thing of the past is with Microsoft regarding quantum-inspired technology. Ford has also outsourced software, planning, and consulting services from other agencies.

Self-driving car tests no longer take place in labs but on public roads. The company is carrying out these tests in Washington, DC, TX, and Austin.  Since its 2018 acquisition worth $100 million, its subsidiary, Spin, is not lagging behind either. Recently, Spin partnered with Tortoise to develop three-wheeled electric scooters. Its target market is cities in Europe and North America. Another notable collaboration was with Drover AI. It would see the IoT services provide equip the scooters with cameras, sensors, and computing power. The latter would facilitate parking validation, detecting bike lanes, and ensure one rides on the sidewalk all the time.

According to Farley, the growth of Spin will continue given the existence of several favorable conditions. One of them is the promising economic rejuvenation after the hard times of the coronavirus pandemic. The other reason is that personal space when travelling , like in the case of scooters, has become common and necessary due to COVID.