Electric vehicles to be 40% of global sales by 2030

DETROIT — Ford expects 40% of its global sales to be battery-electric vehicles by 2030 as it adds billions to what it’s spending to develop them.

The automaker said in a presentation for investors Wednesday that it will add about $8 billion to its EV development spending from this year to 2025. That brings the total spend to nearly $20 billion as Ford begins to develop and build batteries in a joint venture with SK Innovation of South Korea.

Under former CEO Jim Hackett, Ford was criticized by analysts for moving too slowly on its turnaround and future vehicle plans. But those plans have accelerated under CEO Jim Farley, who took over last August. 

“Today is show, not tell time, for the Ford team,” Farley said at the start of the presentation.

Wall Street liked what it heard and shares surged 8.5% to $13.90 in afternoon trading, a level not seen in about five years.

More:Ford’s big bet: Fans of F-150 pickup will embrace electric

More:Ford posts profit, says chip shortage may cut production 50%

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