Hyperdrive
Ford’s Farley Stokes Stock With His $30 Billion Bid in EV Race
- Stock at 5-year high on plan to electrify 40% of sales by 2030
- Reveals a plan for plug-in Explorer, Lincoln and ‘rugged SUVs’
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Ford Motor Co. Chief Executive Officer Jim Farley made a bold bid for electric supremacy Wednesday by boosting his company’s bet on plug-in models by more than a third, to $30 billion, and promising to electrify virtually the entire lineup.
Investors, who have long viewed Ford as an EV laggard, liked what they heard during the automaker’s Capital Markets Day and bid up shares to a five-year high. Since Farley took over took over on Oct. 1, Ford shares have more than doubled.