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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.

1 hour ago - Politics & Policy

Scoop: Beto plans Texas comeback in governor's race

Former U.S. Rep. Beto O'Rourke speaks during the Georgetown to Austin March for Democracy rally on July 31, 2021 in Austin, Texas. (Photo by Brandon Bell/Getty Images)

Former Rep. Beto O’Rourke is preparing to run for governor of Texas in 2022, with an announcement expected later this year, Texas political operatives tell Axios.

Why it matters: O'Rourke's entry would give Democrats a high-profile candidate with a national fundraising network to challenge Republican Gov. Greg Abbott — and give O’Rourke, a former three-term congressman from El Paso and 2020 presidential candidate and voting rights activist, a path to a political comeback.

Texas doctor says he performed an abortion in violation of state law

Pro-choice protesters march down Congress Avenue and back to the Texas state capitol in Austin, Tx in July 2021. Photo: Erich Schlegel/Getty Images

A Texas doctor disclosed in an op-ed in the Washington Post Saturday that he has performed an abortion in violation of the state's restrictive new abortion law, which bans effectively bans the procedure after six weeks.

Why it matters: Alan Braid's op-ed is a direct disclosure that will very likely result in legal action, thereby setting it up as a potential test case for how the abortion ban will be litigated, notes the New York Times.