Ford invests 5 billion USD in electric car production in 2022
Ford is growing and changing its business car globally, accelerate the expansion and development of disruptive electrified and connected vehicles, and use iconic models to drive sales.
CEO Jim Farley has confirmed that Ford will manage production tram separate from internal combustion engine vehicles, which was mentioned in the fourth quarter 2021 business results meeting in early February.
Ford increased spending on electric cars for the third time in less than a year; The automaker said in May 2021 that it would invest $22 billion in electric vehicles, and the new decision shows that the automaker expects to catch up to Tesla’s market leadership position.
The Detroit-based automaker expects to make more than two million new, “Ford Model e” branded EVs by 2026, accounting for a third of annual global production, with electric vehicles accounting for 50 % of total company output by 2030.
According to the Company’s chief financial officer, John Lawler, the company does not plan to turn a profit until the next generation of cars begins production in 2025. By 2023, the two units will produce electric vehicles. petrol and electric will have independent financial sources.
The firm car America’s oldest is certainly struggling to compete with Elon Musk’s Tesla, General Motors, as well as other worldwide rivals in the battle for domination of the electric vehicle market. The stock spike shows that analysts and investors believe it was a wise decision.
After Farley announced his idea, the stock jumped 8.4% to close at $18.10 in New York trading. The company hopes to sell a minimum of two million EVs per year within four years. It also plans to invest $5 billion by 2022 in electric vehicles, more than double what it spent the previous year to increase its capacity to develop electric vehicle models as well as to manufacture batteries and components. essentials they need.
Jim Farley also announced that the business is racing to quadruple production of its best-selling “Ford Mach-E”, a competitor to Tesla’s “Model Y”, to 80,000 units by 2022 and increase the annual production target for the Ford F-150 Lightning pickup to 150,000 vehicles from the previous 80,000 truck target.
While many industry observers believe Ford will stop selling electric vehicles in the near future, Farley offers no evidence that this will happen. “We have to make the internal combustion vehicle business generate money while the electric vehicle business focuses on innovation,” he explains.
Ford received 72,000 auto orders in February, a significant increase from 54,000 in the same period last year. While SUVs and pickup trucks make up the bulk of those sales, Ford’s electric vehicle sales have grown 55.3% and are expanding at a fairly rapid rate.
“The Model e will be at the heart of growth and innovation,” said the Ford CEO, “a team of the world’s leading software, electrical and mechanical experts working to create these vehicles.” power and incredible digital experiences for future generations of Ford consumers”.
Meanwhile, Ford Blue – the company’s gasoline vehicle production unit will apply new methods to improve the user experience with this vehicle. Ford Blue will use Ford’s rich experience to invest in the models, variants, services and experiences that will power legendary Ford vehicles such as the Ranger, F Series and Maverick pickup trucks. , Explorer, Bronco and Mustang.
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