Ford Motor Co F CEO Jim Farley on Thursday said the automaker will double electric vehicle production by 2023 due to higher demand and said it aims the automaker to become the biggest electric vehicle maker in the world.
What Happened: Farley tweeted on Thursday to say Ford is now expecting to produce 600,000 electric vehicles a year by the end of 2023, twice its original plan.
“Our job now is to meet the demand,” Farley said.
It's a big moment for the auto industry. Early EVs were good for the environment, but lacked emotion. Like appliances. That's changing. @Ford's bet is different. We're taking iconic vehicles—Mustang, F-150, E-Transit—and making them even better as EVs. And more are on the way.
— Jim Farley (@jimfarley98) November 18, 2021
Farley said Ford’s electric vehicle lineup is “wildly popular.” Ford sells the Mach-Es in North America, Europe and China. The Dearborn, Michigan-based automaker’s chief executive said the soon-to-rolled-out F-150 Lightning has now secured over 160,000 bookings.
Aiming Higher: Besides doubling down on electric production targets, Farley is now aiming higher with ambitions to ensure the legacy automaker dominates the electric vehicle space in the coming years.
“We aim to become the 2nd biggest EV producer within the next couple years,” Farley said, adding that with all the recent investments it aims to be the biggest EV maker in the world.
We aim to become the 2nd biggest EV producer within the next couple years.
— Jim Farley (@jimfarley98) November 18, 2021
Then as the huge investments we're making in EV and battery manufacturing come onstream and we rapidly expand our EV lineup, our ambition is for @Ford to become the biggest EV maker in the world.
Farley in May this year told investors the automaker plans to electrify its most iconic models and reconfirmed the plans to launch a commercial self-driving business by 2022.
In September, the legacy automaker and its South Korean battery partner SK Innovation revealed plans to spend $11.4 billion to construct three battery plants and an assembly plant in Tennessee and Kentucky, the largest investment in the automaker’s history.
Takes A Swipe At Early EVs: Farley keeps sharing updates related to Ford and the industry on Twitter. He is still not as popular as his competitor, Tesla’s Elon Musk, whose social media updates have moved markets — both crypto and equities — and drawn regulatory scrutiny as well.
Farley took a swipe at “early EVs,” possibly referring to market leader Tesla, which sold nearly 500,000 electric vehicles last year.
“It's a big moment for the auto industry. Early EVs were good for the environment, but lacked emotion. Like appliances. That's changing.”
Farley said Ford’s electrification approach is different, as it is taking iconic vehicles — the Mustang, F-150, E-Transit — and making “them even better as EVs,” with plans to launch more.
F Price Action: Ford stock closed 1.51% lower at $19.56 per share on Thursday and was down another 0.4% midday Friday.
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