While Tesla remains the frontrunner in the electric vehicle (EV) space, and may have the production lined up to continue flourishing as the market explodes, traditional automakers like Ford Motor Company (NYSE: F) aren't just idling, either. Long considered a slowly declining legacy automaker, Ford appears to be shifting into high gear as it makes its grand entrance on the EV scene. Here are three reasons it may be making the right moves now for future growth.
There's nothing halfhearted in Ford's EV plans, with the company committing strongly to its electrification strategy. It is investing $7 billion, an amount it claims is the biggest single outlay ever by a U.S. automaker in electric vehicle production, in a series of massive factories to launch its EV bid. In doing so, it's partnering with South Korean battery manufacturer SK Innovation, which is adding $4.4 billion to the factory investment, raising it to $11.4 billion, and bringing its expertise to the alliance too.
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3 Ways Ford's Electric Vehicle Strategy May Be Perfectly Timed