Ford plans to extend EV manufacturing to 600,000 autos by 2023

Ford CEO Jim Farley poses with the Ford F-150 Lightning pickup truck in Dearborn, Michigan, Could 19, 2021.

Rebecca Cook dinner | Reuters

Ford Motor plans to extend its manufacturing capability of electrical autos to 600,000 items globally by 2023, which CEO Jim Farley expects would make the corporate the second-largest U.S.-based producer of EVs, behind Tesla.

Farley mentioned the rise would double the variety of EVs the corporate had initially anticipated to supply over the following 24 months, in keeping with a report Thursday from Automotive Information. That manufacturing is predicted to be unfold throughout Ford’s first three new EVs: the Mustang Mach-E, F-150 Lightning and E-Transit. It might come earlier than manufacturing is predicted to start at a newly introduced EV meeting plant in Tennessee, in keeping with the Detroit-based publication.

“The demand is a lot increased than we anticipated,” Farley mentioned. “It is a actually new expertise for this massive firm, making an attempt to be agile. We needed to strategy it very otherwise than we have achieved capability planning.”

It is unclear if 600,000 would place it second behind Tesla. Common Motors plans to promote 1 million electrical autos globally by 2025. Tesla mentioned in its third-quarter investor replace that the put in annual capability at its Fremont, California, automobile meeting plant stands at 600,000, and in Shanghai at greater than 450,000 automobiles per 12 months. The corporate can also be constructing new factories close to Austin, Texas, and Berlin.

A GM spokesman mentioned the automaker was approaching 300,000 EV gross sales globally via the primary 9 months of this 12 months, largely in China. GM additionally plans to transform at the very least 4 North American crops presently producing autos with inside combustion engines to be able to producing EVs within the coming years, along with crops in China and Michigan that already produce such autos.

In reference to the rise in EV capability, Farley mentioned Ford plans to transform greater than 80% of reservation holders for its upcoming F-150 Lightning EV into homeowners. Ford says greater than 160,000 reservations that require a $100 absolutely refundable deposit have been positioned for the automobile forward of its arrival in dealerships by mid-2022.

— CNBC’s Lora Kolodny contributed to this report.

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