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Ford's new electric F-150 Lightning outside of its headquarters in Dearborn, Michigan on May 19. Photo: Jeff Kowalsky/AFP via Getty Images

Ford announced Wednesday plans to invest $30 billion in vehicle electrification efforts by 2025, and the company said it anticipates that 40% of its global sales by 2030 will be fully electric vehicles, per a news release.

Why it matters: Ford CEO Jim Farley said the new initiative — called "Ford+" — is the company's largest opportunity for growth since "Henry Ford started to scale the Model T," signaling just how lucrative Ford leaders think the electric vehicle market will become.

  • As part of the initiative, Ford plans to invest in battery technology and infrastructure that would allow it to manufacture its own batteries.
  • It would include the creation of Ford Ion Park, "a global center of battery excellence comprising more than 150 experts in battery chemistries, testing, manufacturing and value-chain management who will boost battery range and lower costs to customers and Ford," the company said.

Context: Ford previously announced that it would invest $22 billion in electrification efforts by 2025.

What they're saying: “I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time,” Ford CEO said.

  • “We will deliver lower costs, stronger loyalty and greater returns across all our customers. 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," he added.

The big picture: The announcement comes a week after the company unveiled the Ford F-150 Lightning, an all-electric version of America's most popular vehicle model, the Ford F-series pickup truck.

  • The company said it expects the bulk of its electric vehicle sales by 2030 will come from the F-150 Lightning, the Mustang Mach-E and E-Transit commercial vans.

Go deeper: Ford's electric F-150 reveal is a pivotal EV moment

Go deeper

Updated Aug 9, 2021 - Economy & Business

This parking garage is a high-tech research lab

Rendering of the Detroit Smart Parking Lab. Photo: Bedrock

An urban laboratory is opening inside a Detroit garage to let researchers test new parking technologies for cities coping with shifting priorities.

Why it matters: Parking is a hassle for drivers in most cities, with experts attributing as much as 30% of traffic and emissions to cars searching for a parking spot. If cars could park themselves efficiently, it would ease some of those problems.

Mike Allen, author of AM
23 seconds ago - Politics & Policy

America's youth turn left

Expand chart
Reproduced from John Della Volpe (Data: Exit polls, Roper Center for Public Opinion Research). Chart: Axios Visuals

Gen Xers have always been a swing voting group, but their kids — Gen Z, sometimes called Zoomers — overwhelmingly back Democrats.

What they're saying: "Generational replacement will not be kind to Trump’s Republican Party," John Della Volpe, polling director at the Harvard Kennedy School Institute of Politics, and CEO of SocialSphere, told me.

Mike Allen, author of AM
7 mins ago - Economy & Business

Charted: GOP surged as Biden slumped

Expand chart
Reproduced from Gallup. (Independents were asked their party leaning.) Chart: Axios Visuals

Gallup polling found a huge shift in party preference over the course of 2021, from a 9-point Democratic advantage in the first quarter to a 5-point Republican edge in the fourth quarter.

Why it matters: It's the biggest swing in one calendar year for Gallup's 30 years of tracking.