Ford Motor Company (NYSE: F) Ramps Up Its EV Investments in a Bid to Capture 40% Market Share

June 9, 2021 1:10 PM EDT

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Although Tesla Inc. (NASDAQ: TSLA) showed that it was possible to develop an electric vehicle (“EV”) that could function as well as a petrol and diesel-powered vehicle, the pioneering EV maker is no longer the only player in the EV sector. In a bid to cut their carbon emissions, several countries have set ambitious green energy targets that, among other things, involve placing limits on the sale of fossil fuel-powered vehicles within the next decade. Consequently, legacy automakers that have been around for decades, including Ford Motor Company (NYSE: F), have been forced to throw their hats into the electric vehicle game.

Ford, which recently unveiled an electrified version of its best-selling F-150 Lightning pickup, is looking to jump into the fledgling electric vehicle sector in a big way. The Dearborn, Michigan-based automaker recently announced that by 2030, it expects nearly half of its global sales to consist of zero-emission electric vehicles. Ford’s new CEO Jim Farley announced this plan during the company’s first Investor Day under his leadership. His Ford+ plan would see the automaker switch up its operations and venture into new, emerging markets such as connected vehicles as well as subscription services, he says, adding that these emerging&

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