American automotive giant has boosted its investment in the electric and autonomous spaces to $29 billion.
Ford previously committed to invest $11.5 billion on its electric vehicle ambitions. However, now it has decided to double the investment amount, and extend its timeline of electrifying its vehicles till 2025.
Ford will spend $7 billion on autonomous vehicles and $22 billion on electric ones.
The automaker said a majority of vehicles it plans on producing will be battery-electric vehicles, but the company also has hybrid and plug-in hybrid models.
The increased investment is meant to convince investors that Ford has the ability to catch up to Tesla, which has been the only automaker to successfully build an electric vehicle business over the last few years.
