Ford Motor Co F on Tuesday revealed it would launch electric vehicles in Australia beginning mid-2022, starting with a commercial all-electric e-Transit van.
What Happened: The Dearborn, Michigan-based company's CEO Jim Farley said the automaker intends to begin selling the e-Transit van next year and follow up with at least five new electric vehicles by the end of 2024.
We are entering a new electric era for @FordAustralia, with plans for at least five new EVs by the end of 2024. The @Ford E-Transit, Ford Australia’s first all-electric vehicle will be here in mid-2022. pic.twitter.com/G5zMWm4A6d
— Jim Farley (@jimfarley98) October 5, 2021
Ford did not reveal the names of other models but said, globally, it is spending more than $30 billion cumulatively through 2025 under a turnaround plan to shift to an electrified lineup of vehicles and become carbon neutral by 2050.
Ford expects 40% to 50% of its global vehicle volume to be fully electric by 2030.
The full-size e-Transit van will feature a 68kWh battery, with a driving range of up to 317 kilometers, Ford said. The van will come with a fast-charging capability from 15% to up to 80% in around 34 minutes.
Why It Matters: Ford and its rival General Motors Co GM are spending billions to speed up the electrification drive as the legacy automakers aim to catch up with the global trend and government pressures to go green.
Farley has recently said electric vehicles are currently beyond the reach of average buyers because of the high prices.
The U.S. automaker has already revealed its plans to launch a full-size electric pickup truck F-150 Lightning in the U.S. next year. The company, which sells its Mustang Mach-E in North America and Europe, did not say if those vehicles will be part of the first five lineups by 2025.
Ford has revealed plans for a market where Tesla Inc TSLA already has a presence.
Price Action: Ford shares closed 1.34% higher at $14.35 a share on Monday.
Read Next: Ford Sees 9% Sequential Rise In Sales Of Mustang Mach-E EVs In September, Ramps Up Production
Photo: Courtesy of Ford
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