F Ford Motor Company

By Mike Colias 

Ford Motor Co. plans to boost spending on electric-vehicle development by billions of dollars beyond previous plans and expects 40% of its global sales to be fully electric by 2030, as Chief Executive Jim Farley bets bigger on plug-in cars.

Ford will spend $30 billion by 2025 to expand its electric lineup, up from the $22 billion it forecast earlier in the year, it said Wednesday. That figure is a cumulative total that includes spending over the past few years, and includes capital earmarked for two future U.S. battery-cell factories with Korea's SK Innovation Co. The companies said last week they plan to form a joint venture.

Mr. Farley, who took over last fall, is scheduled to present more details during a virtual investor presentation later Wednesday to outline his plan to reverse years of declining profits.

The company also said it expects in 2023 to achieve an 8% operating margin, up from around 4% in recent years. It had previously pegged the 8% mark as a goal but hadn't specified a timeline.

Write to Mike Colias at Mike.Colias@wsj.com

(END) Dow Jones Newswires

May 26, 2021 09:05 ET (13:05 GMT)

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