Ford to Boost EV Investment to $30 Billion by 2025

After Ford’s unveiling of the F-150 Lightning Pro series, an electric truck developed specifically for commercial and government use, the company’s shares are on the rise in advance of an investor event on Wednesday.

Ford’s (F) shares touched five-year highs on Wednesday, following announcements that the company raised its clean energy investing by $8 billion, and vowed to make 40% of its fleet fully electric in the next decade, as reported by The Street.

The news comes ahead of the company’s Wednesday investor event, set in Detroit and the first under new CEO Jim Farley.

Farley said, “We will deliver lower costs, stronger loyalty, and greater returns across all our customers.” Farley continued, “This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands.”

In Wednesday’s early trading hours, Ford shares were 6.5% higher, trading at a price of $13.63 per share. Earlier in the day, the stock touched $13.78, marking the stock’s highest point since July 2016.

With plans to invest at least $30 billion into electric vehicles (EVs) by 2025, Ford also shared plans to deliver an 8% adjusted profit margin by 2023, a goal that the company has worked toward for years.

The company plans to have 40% of its global vehicle volume to be fully electric by 2030.

Ford revealed plans for its base consumer-level F-150 Lightning last week, set to sell at a starting price of $39,974.