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DETROIT (Reuters) -Ford Motor Co on Wednesday boosted its 2021 profit forecast after reporting better-than-expected quarterly results, lifting the No. 2 U.S. automaker’s shares nearly 3%.
The Ford 2021 Bronco SUV is seen on the assembly line at Michigan Assembly Plant in Wayne, Michigan, U.S., June 14, 2021. REUTERS/Rebecca Cook
While an ongoing global chip shortage cost Ford market share in North America, Europe and China, higher prices on more profitable models such as large pickups and SUVs helped increase revenue and operating profit in North America, its largest market.
Ford Chief Executive Jim Farley said the automaker was intent on shifting away from making vehicles that wind up stockpiled on dealer lots, to building them to customer orders, reducing discounts required to make a sale.
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Ford boosts spending on electric vehicles
Aims to have 40% of global volume be all electric by 2030; shares near 5-year high
Reuters May 27, 2021
DETROIT:
Ford Motor Co on Wednesday outlined plans to boost spending on its electrification efforts by more than a third and said it aims to have 40% of its global volume be all electric by 2030, sending shares up 6.8% to a near five-year high.
Under a plan dubbed “Ford+” meant to have investors value it more like a technology company, the No 2 US automaker said it now expects to spend more than $30 billion on electrification, including battery development, by 2030, up from its prior target of $22 billion.