Carmaker Ford has announced it’s allocating a combined $29 billion (£21.1 billion) to develop electric and autonomous vehicles, to mark its “leadership of the EV revolution and development of autonomous driving.”

In its Quarter 4 2020 results, CEO Jim Farley said the company is working on “bringing customers high-volume, connected electric SUVs, commercial vans and pickup trucks.”

In the last quarter of last year, American customers began taking delivery of Ford’s new all-electric Mustang Mach-E (pictured), which it says is receiving “great customer and critical reviews”.

Farley said Ford will now invest at least $22 billion in electrification through to 2025, nearly twice what the company had previously committed to EVs. He said the company is “all in and will not cede ground to anyone” in developing and delivering connected electric vehicles and services in mainstream areas of strength for Ford.

Ford now plans to invest about $7 billion on autonomous vehicles over 10 years through 2025 – $5 billion of that from 2021 forward – as part of its Ford Mobility initiatives. It says during the quarter, the “robust algorithms” of its Argo AI’s self-driving system enabled address-to address autonomous deliveries of fresh produce and school supplies through a charitable goods
pilot in Miami.

The company has warned investors it may need to substantially modify its product plans to comply with safety, emissions, fuel economy, autonomous vehicle, and other regulations.

Earlier this week it was revealed Ford was the leading car company when it came to filing driverless vehicle patents.

(Picture – Ford)