As Ford moves toward electric vehicles, it plans to invest in hybrid technology.
For this reason it remains focused on the product range ICE (internal combustion engines) and HEV (hybrids).
Although electric vehicle sales have increased, the company is choosing to focus on building a bridge to electric vehicles through hybrids. CEO Jim Farley is grateful for maintaining the range of internal combustion and hybrid vehicles as the market changes.
See also: Ford: Reduces investments for electric vehicle battery plant in Michigan
Ford reduces its investments in electric vehicles, while also boosting hybrids. These moves reflect Toyota's strategy, which maintains a strong focus on hybrid vehicles, despite efforts to accelerate electric vehicles.
Ford has faced fierce competition in the electric vehicle market. Electric vehicle sales are expected to grow 35% to 14 million this year. Despite the entry of the Volvo EX30 into the market, Tesla, Rivian and BYD continue to gain share.
Volvo presents its most affordable and smallest-sized car, the EX30, with prices starting below $35,000 (~€32,000). Despite its small size, Volvo expects strong demand for this electric car.
Ford has new competition with Tesla's Cybertruck, while the new Silverado and GMC Sierra are expected to be released next year. This may be one reason Ford decided to focus on hybrid models, like Toyota.
Read also: The next Toyota Camry is becoming exclusively hybrid!
Increasing investment at this stage, while other companies are moving forward, could put Ford at a more disadvantageous position as the industry shifts toward an all-electric future.
Source: electrek.co
