We all know about President Biden’s green obsession and how he’s willing to bury American jobs in order to push it through.
Axing the Keystone XL pipeline was one of the first things Biden did once he got in office.
Yet, now we can also see signs of big industry players coming onboard with the green agenda.
One of the most dramatic is Ford Motors, which recently made a huge announcement about its electric vehicle production.
Ford Announces Big 2030 Goal
Ford has said that fully 40% of its global market by 2030 will be electric vehicles. It’s now pouring money into their research and development and getting EVs to roll down the production line.
A whopping $8 billion will be added to EV development for the 2021 to 2025 period, putting its total investment into that sector close to $20 billion.
Ford predicts it will need 240 GWh of battery cells annually by 2030.
Ford: *looks at Cybertruck pricing, looks at VW battery investments* … I have an EV strategy. https://t.co/1NO475ZP2o
— Sam Korus (@skorusARK) May 21, 2021
Ford CEO Jim Farley said despite recent challenges in the past few years with Ford not making the kind of profits it would like to see, they are already beginning to round the corner and see a positive comeback; the EV rollout will be part of that.
Ford is currently upping its cash flow and putting that money into EV development. The company is also forming a new branch called “Ford Pro” that will cater just to large buyers like government and fleet purchases.
In tech upgrades they are also moving rapidly and hope to have one million vehicles able to be updated online by year’s end.
— Nat Bullard (@NatBullard) May 26, 2021
Bigger Than Tesla
Ford is saying it’s going to have more EVs on the market by next summer than Tesla…which is a bold claim. Elon Musk will probably be interested to hear that.
At this point so far in 2021, EVs have only been around 1% of the vehicles that Ford has sold, so they’ll need to hustle hard to hit that goal.
Ford has gone up over 50% so far this year on the stock market, but this plan to ramp up heavily into EVs is a little confusing.
This “stormtrooper” Tesla is the safest car on the road. It can’t hit anything. God bless Elon Musk for being a Star Wars fan. pic.twitter.com/xbWZJ2iw3M
— Mara Jade Skywalker (@MasterJediMara) May 26, 2021
All of us learned in school about supply and demand; the fact is that when the demand clearly isn’t there (1% for 2021 so far), then why would you flood the market with supply?
Electric vehicles aren’t popular because they’re expensive (and because they generally drive like crap and barely go fast).
It’s possible that Ford’s big money into development and research is going to make their EVs the best out there or bring down the price point; however, it’s also very possible they’re going to pour cash into a black hole and end up with some fancy, overpriced hunks of junk that nobody wants to drive other than Biden.