in its bid to catch up with elon muskrun tesla ford motor company has announced to increase its electric vehicle ev investment to usd 50 billion through 2026 up from the previous usd 30 billion investment announcement by 2025the automaker aims to produce more than 2 million electric vehicles annually by 2026 representing about onethird of fords global volume rising to half by 2030ford said it will create distinct electric vehicle and internal combustion businesses to compete and win against both new ev competitors and established automakersthe company expects to spend usd 5 billion on evs in 2022 including capital expenditures expense and direct investments a twofold increase over 2021 the automaker said in a statement late on wednesday advt this isnt the first time ford has reimagined the future and taken our own path said ford executive chair bill fordwe have an extraordinary opportunity to lead this thrilling new era of connected and electric vehicles give our customers the very best of ford and help make a real difference for the health of the planet he addedford reiterated its commitment to achieve carbon neutrality by 2050 and to use 100 per cent local renewable electricity in all of its manufacturing operations by 2035last may ford president and ceo jim farley introduced the ford plan calling it the companys biggest opportunity for growth and value creation since henry ford scaled production of the model tthe formation of two distinct but strategically interdependent auto businesses ford blue and ford model e together with the new ford pro business will help unleash the full potential of the ford planwe are going all in creating separate but complementary businesses that give us startup speed and unbridled innovation in ford model e together with ford blues industrial knowhow volume and iconic brands like bronco that startups can only dream about said ceo jim farleyalso readbidenmusk twitter duel biden tweets gm ford usd 18 bn ev investment plan musk accuses him for ignoring teslathe us president announced these in his first state of the union address on tuesday he said ford is investing usd 11 billion to build electric vehicles creating 11000 jobs across the country gm is making the largest investment in its history usd 7 billion to build electric vehicles creating 4000 jobs in michigan biden also said about the commitment of intel to build a usd 20 billion semiconductor manufacturing site with the possibility of a much greater investment in ohio but he ignored tesla in his addresssee more detailsno plan to spin off ev business but change coming ford ceoford ceo jim farley told the wolfe research virtual global auto technology conference wednesday that the company could hit teslalike profit margins by using common electric motors electronic components and other parts across all sizes of vehiclessee more detailsford set to announce plans to run ev ice as separate businessesthe ev and ice businesses will have separate names but will remain under the ford corporate umbrella in the