Ford Hedges its EV Bets While GM Goes All In
Ford Motor Company (NYSE: F) is dividing its financial resources and hoping to pick winners in both gas and electric vehicle categories, while General Motors (NYSE: GM) is putting everything on electric. At first glance, GM's bet looks better, but Ford isn't as far off the pace as it first might appear.
Earlier this year, Ford divided its operation into two separate and arguably unequal divisions: Model e, responsible for electric vehicles, and Ford Blue, charged with producing legacy internal combustion engine (ICE) vehicles. On June 2, the company announced a $2.3 billion investment in Ohio, Michigan and Missouri manufacturing plants to support production of electric vehicles, including its breakthrough F-150 Lightning truck, the E-Transit electric van, and a new EV commercial vehicle. In keeping with the two-division restructuring, Ford will also invest $1.4 billion in legacy combustion-engine-powered products, including a new Mustang coupe and Ranger pickup.
Ford is investing in improvements and new jobs in Ohio, pictured, and elsewhere. Source: Ford Motor Company.
Source Fool.com
