Ford Motor Co. plans to boost spending on electric-vehicle development by billions of dollars beyond previous plans and expects 40% of its global sales to be fully electric by 2030, as Chief Executive Jim Farley bets bigger on plug-in cars.
Ford will spend $30 billion by 2025 to expand its electric lineup, up from the $22 billion it forecast earlier in the year, it said Wednesday. That figure is a cumulative total that includes spending over the past few years, and includes capital earmarked for two future U.S. battery-cell factories with Korea’s SK Innovation Co. The companies said last week they plan to form a joint venture.
