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Ford is turbocharging its drive to electrify its lineup. The No. 2 U.S. automaker said Wednesday it aims to have all-electric vehicles make up 40% of its global volume by 2030, in a move to have investors value it more like a technology company.
Toward that end, it plans to boost spending on electrification by more than a third to over $30 billion.
Facing pressure to cut vehicle emissions, global automakers are racing to shift their gas-powered lineups to all electric power.
Ford rival General Motors has said it aspires to halt U.S. sales of gasoline-powered passenger vehicles by 2035. The Detroit automaker said last year it was investing $27 billion in electric and autonomous vehicles over the next five years.
Some analysts say Ford is trailing its rivals in the electrification race. But Ford disagrees, pointing to its fully electric Mustang Mach-E crossover launch. Just last week, Ford unveiled its fully electric F-150 Lightening truck.
Sources said Ford plans to launch at least 12 all-electric vehicles at mid-decade.
The automaker also said Wednesday it will form a new unit called Ford Pro to focus exclusively on its commercial and government customers.
Shares of Ford jumped 7% in early trading Wednesday.