Ford rocked the automobile world when it announced plans to invest $30 billion in electrification efforts over the next five years during its inaugural investor day event. The company has set its sights on getting 40% of its global production completely electric by 2030 and achieving 100% zero emission by 2035.

Ford’s announced electrification budget represents an $8 billion increase in its previously budgeted $22 billion for EV efforts. 

The automaker also reported it will hit its longtime targets for operating margin — 10% in North America, 6% in Europe, 8% overall — by 2023.

Today’s news pushed Ford shares up 6%. Ford stock prices have doubled since CEO Jim Farley took the helm in October 2020. 

The announcements pair nicely with Farley’s promise to increase transparency for investors by detailing the management team’s direction for the company and how it will continue to add value. 

Improving battery technology is also part of the strategy, the automaker announced.

The automaker announced plans to build two battery factories through a joint venture with Korean battery maker SK innovation. The company also has invested in promising startups, including $130 million in the solid-state battery startup Solid Power.

Solid-state batteries are “within reach” before 2030, Farley told investors. He also noted he expects battery costs to plummet 40% by mid-decade. 

Ford’s Chief Product Platform and Operations Officer Hau Thai-Tang reported IonBoost+ batteries will have the “highest energy density of any cell of its type,” providing higher levels of efficiency and longer ranges. 

Farley reported that moving to EVs will allow the automaker to “reimagine” the architectures of its five vehicle platforms. Vehicles based on these new platforms will share battery cells, battery management systems, motors and gearboxes. When added to other “cross vehicle technologies,” it means Ford can share up to 80% of a vehicle’s value across its portfolio.

Ford also reviewed its RWD / AWD BEV Flexible Architecture for high-volume vehicles that will arrive between now and 2030.

The company also confirmed that consumers can expect active lifestyle vehicles with enhanced driveability, cargo vehicles for commercial customers, mid-size trucks, rugged SUVs, and crossovers with two and three rows. There will be EV versions of the Ford Explorer and Lincoln Aviator, and likely EV versions of the Ranger and Bronco.

Ford also announced plans for a new electric platform for next-generation full-size pickups and SUVs. Ford reported it expects one-third of its full-size pickup segment to be fully electric by 2030, representing over 800,000 vehicles annually.