New York (CNN Business) Ford reported surprisingly good financial results at the end of a tough year, and said it was increasing its commitment to vehicles of the future with a big bet on electric and autonomous driving vehicles. The company said it will invest $29 billion in EVs and AVs. It will require a bit of a catch-up by Ford, which just came out with its first EV in years, the Mustang Mach E.While Ford's statement spoke about taking a leadership position in EVs and AVs, some of its larger rivals are much further along in shifting to electric vehicles"We watched one out of 10 vehicles sold in Europe in December be pure electric. EV sales in China continue to grow, and the reality is that customers, including in the US, are increasingly giving e-mobility greater consideration," said Ford CEO Jim Farley. "We have no intention to cede ground to others."

Source: CNN February 04, 2021 22:52 UTC