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Illustration: Eniola Odetunde/Axios

Ford plans to invest $22 billion in vehicle electrification through 2025, an amount that's nearly double its prior plans, the company said.

Why it matters: The announcement is the latest sign of how the world's biggest carmakers are pouring more resources into tech that's still a tiny slice of the auto market.

  • "We are accelerating all our plans — breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan," CEO Jim Farley said in a statement Thursday evening.

The intrigue: Ford's move comes as domestic rival GM is getting more aggressive with its EV plans and now aspires to stop selling internal combustion cars, SUVs and pickups by 2035.

What they're saying: Wedbush Securities analysts, in a note about the Ford effort, said there's an "EV arms race" underway.

  • The note cites GM's plans, reports that Apple will work with Hyundai on an electric car, new Ford investment targets, Tesla's expansion and more.
  • "We believe this speaks to...a golden age of EVs on the horizon with a green tidal wave expected in the U.S. under a Biden Administration and China seeing skyrocketing consumer demand across the board," they said.

What's next: Ford began delivering its Mustang Mach-E late last year, and this year plans to launch its electric transit van.

  • Its much-hyped all-electric version of the popular F-150 pickup arrives in mid-2022, Ford said.
  • The company also said that EVs will be "fundamental to the Lincoln luxury brand and the Transit commercial lineup."

Yes, but: As Bloomberg notes, Ford's ability to make big new investments stems partly from the large revenues from gasoline-powered trucks and SUVs it sells in high volumes.

Go deeper

Dion Rabouin, author of Markets
20 mins ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.

Police officers' immunity from lawsuits is getting a fresh look

Illustration: Aïda Amer/Axios

Nearly a year after the death of George Floyd, advocates of changes in police practices are launching new moves to limit or eliminate legal liability protections for officers accused of excessive force.

Why it matters: Revising or eliminating qualified immunity — the shield police officers have now — could force officers accused of excessive force to personally face civil penalties in addition to their departments. But such a change could intensify a nationwide police officer shortage, critics say.