Ford to splash $30billion on its electric vehicle future

Ford (F) executives are opening up the cash vaults and reaching in big to spend on funding an electric vehicle future.

The company said during an investor day on Tuesday it will spend $30 billion on electric vehicle development — including battery development — by 2025.

Previously, the auto giant said it would spend $22 billion on its EV ambitions by 2023. The company anticipates that 40% of its global vehicle volume will be fully electric by 2030 fueled by new models of the electric Mustang Mach-E and F-150.

The company also revealed it has amassed 70,000 reservations for its new F-150 Lightning in one week.

Despite the increased EV spending, Ford recommitted to its long-term operating margin goal that has been a frequent point of focus by Wall Street analysts. The company sees adjusted operating profit margins to reach its prior 8% target in 2023.

Ford dubbed its new operating plan Ford+.

Ford shares rose 1.7% in pre-market trading Wednesday.