Ford (NYSE: F) is doubling down on electric vehicles.
The company plans to literally double its investment in EVs. And that means spending $22 billion in the coming years.
One little-known EV battery stock is already working with Detroit’s Big 3 automakers. And the company’s hyper-fast charging battery powers Ford cars.
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“We are accelerating all our plans — breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” explained Ford CEO Jim Farley on Thursday.
Ford, General Motors (NYSE: GM) and every other automaker is rushing into electric vehicles.
For years, these bloated legacy automakers ignored Tesla Motors (NASDAQ: TSLA). They thought Elon Musk was a joke. And they failed to see the trends and listen to customers.
Now, they’re playing catchup.
America’s Big 3 automakers are partnering up with EV technology companies. This will allow them to secure the best sensors, chips, lidar and batteries.
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Right now, we’re in the early stages of an EV arms race.
- Apple (NASDAQ: AAPL) is rumored to be partnering with Kia to make the Apple iCar in 2024.
- General Motors is investing $27 billion in EVs during the next five years.
- Tesla Motors is rapidly increasing production.
There is huge demand for EVs from consumers in the U.S. and China. And these two markets will offer tremendous growth during the next decade.
Meanwhile, President Joe Biden is 100% onboard with EVs. His administration – and Democrats on Capitol Hill – are committed to a “greener” future. And that means encouraging EV ownership.
Biden already plans to replace all federal vehicles with EVs. And that alone could mean 645,000 new EVs on Americas roads in the next few years.
The EV boom is happening right now. And private EV companies are rushing to go public.
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