Ford targets 40% of sales to be comprised of electric vehicles by 2030

Ford is ramping up investment in electric vehicles from the $22 billion target set in February to over $30 billion by 2025, expecting 40 percent of volume by 2030 to be comprised of fully electric vehicles.

The US automaker said it will increase investment in electric vehicles, components, and infrastructure to more than $30 billion by 2025, boosting the amount from the $22 billion target set in February.

Ford has received 70,000 reservations from customers of its all-electric version of its F-150 truck just a week after it was unveiled.

Ford CEO Jim Farley said that selling electric vehicles is the company's biggest opportunity for growth and value creation since Henry Ford started to scale the Model T.

Farley and other executives presented the plans in a virtual meeting with financial analysts and other stakeholders.

Besides the F-150, Ford has begun selling the electric Mustang Mach-E sport utility vehicle and the E-Transit cargo van.

The company is also in a joint venture with South Korea's SK Innovation to produce batteries, to reduce battery costs by 40 percent by 2025.

Industry analyst Karl Brauer of used car site iSeeCars said that while other carmakers are pledging higher EV numbers, none were relying on trucks and SUVs sales as heavily as Ford.