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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 18 mins ago - Sports

In photos: Tokyo Olympics day 6 highlights

An underwater view of swimmers including Team USA's Caeleb Dressel (R) in the final of the Olympic Tokyo Games men's 100m freestyle on July 29. Photo: François-Xavier Marit/AFP via Getty Images

There's been plenty of Olympics drama on day six of the Tokyo Games Thursday — notably China's women's swimming team beating the U.S. and Australia in the record-setting 4x200-meter freestyle relay.

The big picture: Katie Ledecky helped the U.S. win silver, which also beat the previous world record smashed by China's team. Team USA grabbed two more swimming gold medals, when Caeleb Dressel won the men's 100m freestyle and Bobby Finke triumphed in the first men's Olympic 800m freestyle.

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

🎾: "This one sucks more than the others," Naomi Osaka says on upset loss

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

Updated 3 hours ago - Sports

China wins Olympic gold in women's 4x200m freestyle relay, sets world record

Junxuan Yang, Muhan Tang, Yufei Zhang and Bingjie Li of Team China react after winning the gold medal in the women's 4 x 200m freestyle relay final. Photo: Al Bello/Getty Images

China grabbed Olympic gold in the women's 4x200m freestyle relay, in a surprise record win in Tokyo Thursday.

The big picture: Katie Ledecky made up time as Team USA's final swimmer to help the U.S. take silver. Australia, which was the heavy favorite, won the bronze. All three teams finished ahead of the previous world record pace.