Ford commits $29 billion to electric and autonomous vehicle development

Ford will invest $29 billion in electric and autonomous vehicles through 2025, more than double the $11.5 billion it promised through 2022 less than a year ago, the automaker announced. Of that, it will spend $7 billion on self-driving tech and $22 billion on EVs, including the $7 billion it has already paid over the last five years. Some of the new vehicles will be plug-in hybrids (PHEV), but most will be all-electric, including products like the Mustang Mach-E and upcoming electrified versions of the F-150 pickup and E-Transit commercial van. Ford also noted that EVs will be "fundamental" to the Lincoln luxury brand. "We are accelerating all our plans... increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan," CEO Jim Farley said in an earnings release.