Ford plans to spend more on EVs than internal combustion engine (ICE) cars by 2023

Ford has only recently entered the electric vehicle (EV) marketplace with the introduction of the Mustang Mach-E late last year. The automaker plans to expand their lineup next year with the highly anticipated F-150 Lightning pickup truck.

The early success of the Mach-E, and the promising outlook for the F-150 Lightning will see the automaker spend more on EVs than internal combustion engine (ICE) cars by 2023.

Ford’s chief operating officer for North America, Lisa Drake, revealed the timeline while discussing the company’s investments in EVs at an industry event on Monday.

“In 2023 … we’ll spend more on EVs than we will on ICE,” Drake said. “We’ve been over the moon about the success of Mach-E, and the F-150 Lightning, by bringing in over 70% new customers to the Ford brand. What that allows us to do is, now we have an opportunity not only to lead on our ICE business, but also in the EV space with F-150. So our aspirations are high.” (via the Detroit News)

Ford has previously announced plans to spend up to $30 billion on EV related investments through 2025, and have 100% of its lineup in Europe be electrified by 2030.

The automaker is setting the aggressive timeline thanks to strong sales of the Mach-E. In June, just six months after deliveries first began, they announced they were already producing more Mach-E vehicles than traditional gas Mustangs.

They are also expecting the F-150 Lightning to be a big success. Since it was unveiled in May, more than 120,000 reservations have been placed for the electric pickup truck.

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