The company will also invest $30 billion in EVs by 2025 instead of $22 billion.
The “Delivering Ford+” Capital Markets Day brought some exciting news to the table. The best example is the name for Ford’s cells: they will be called IonBoost. The company also said it increased its investments in electrification: instead of $22 billion by 2025, Ford will invest more than $30 billion. By 2030, the company expects that 40 percent of its sales worldwide comes from electric cars.
That’s a lot to process all of a sudden, so we will get into more details. Ford said it would make its own batteries, but it is more likely that IonBoost cells will be manufactured in a partnership with SK Innovation. Ford has already announced a joint venture called BlueOvalSK that will create two battery plants in the US for Ford and Lincoln vehicles.
According to what the companies disclosed, BlueOvalSK will make 60 GWh per year in battery packs, which leads to the conclusion that each plant will have a 30 GWh annual capacity. However, they could also be referring solely to the first plant they plan to build, which would make each of them have 60 GWh. Ford did not clarify this at the event.
We’ll see three kinds of cells: IonBoost lithium-ion (for current technology batteries), IonBoost Pro (LFP batteries, for commercial vehicles), and IonBoost solid-state cells with Solid Power technology. As we clarified on May 24, the cell startup has a platform that will allow it to improve current cells with high-content silicon anolytes and its solid sulfide electrolyte.
Concerning the investments, Jim Farley believes Ford’s new vehicles will have a high demand. The Ford F-150 Lightning already has 70,000 reservations. A good chunk of the investments will be in battery tech.
Farley is now presenting the Ford+ plan, which will make the company’s transition from the model of selling vehicles to that of providing mobility services. Ford wants to become a software-driven company, and Farley knows it is a big bet. We’ll update this with what Ford’s CEO can disclose.