Ford doubles investment in electric and autonomous vehicles to $ 29 billion
The US automaker Ford. (Photo: Philip Lange / Shutterstock)
No time right now?
The second largest US automaker, Ford, was deeply in the red at the end of the year, but still 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), as Ford announced on Thursday after the US market closed. Nevertheless, further investments should be made.
Group-wide revenues were down nine percent from the same period last year to $ 36 billion. In the long ailing European business, however, there was a ray of hope, here the operating profit rose by 342 million to 414 million dollars – according to Ford, the best quarterly result for more than four years.
Despite the recent losses, the group plans 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 automakers, felt the consequences of the corona crisis and had to deal with an 18 percent decline 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 the previous year. dpa
