Automakers across the board are working to develop new, more sophisticated technologies to further advance the automotive industry. Ford announced that it will seek to fund its latest batch of technology through a long-term debt plan. The move will mark the first time in four years that Ford has added to its debt—and it couldn’t be for a better reason.
Ford’s new technology will cover a range of areas, including electric vehicles, self-driving cars, and alternative mobility, like ride-sharing services.
“It’s a supportive marketplace for long-term debt given where rates are, and we want to make sure that throughout the cycle of the industry we have the flexibility to do what we need to do and want to do, especially in the emerging part of the business,” said Joe Hinrichs, Ford Americas President.
Ford is targeting the large SUV segment specifically when it comes to new technologies. General Motors has dominated the market past few years, but recent updates to the Ford Explorer have put it back on track as a true competitor.
The Ford Expedition and Lincoln Navigator will undergo their first full redesign in nearly 15 years, effectively giving General Motors a run for the market. Amid extra funding, Ford’s technology will likely come at an accelerated rate as well.
Here at Highway Ford, we’re pumped to see such a dedicated automaker working tirelessly to develop new technologies!