Ford Motor Company F has embarked on an ambitious transformation to EVs which is evident from the company's increased commitment of resources toward this objective.
What Happened: Ford is planning to rapidly increase production of its Mustang Mach-Es to meet the increasing demand for the EV, CEO Jim Farley said in a tweet late Friday. The company is planning to begin increasing production in 2022 and ultimately achieve a production rate of over 200,000 units per year in North America and Europe by 2023.
This would mean tripling of the 2021 production rate, Farley pointed out in the tweet.
Meanwhile, Ford is delaying its upcoming all-electric Explorer SUV model as well as the Lincoln Aviator EV from mid-2023 to late Dec. 2024, the Automotive News reported. The company won't be producing these two EVs at its Cuautitlan, Mexico factory, where it is manufacturing the Mustang Mach-E, the report added.
Why It's Important: The Ford Mustang Mach-E is Ford's all-electric compact crossover SUV launched in late 2019. It went on sale in Dec. 2020 as a 2021 model.
Farley has previously said in a tweet that Ford is expecting to produce 600,000 EVs per year, globally by the end of 2023, doubling down on its earlier target. This means the Mustang Mach-E will make up about one-third of Ford's planned EV production by 2023.
Farley also said Ford is aiming to become the second-biggest EV manufacturer within the next couple of years.
An Electrek report, citing a dealer bulletin from Ford, said the company is in line to effect modest increases for its 2022 models. The 2022 Mustang Mach-E has a starting price of $42,895 for the Select model, not including the $7,500 federal tax credit, according to information on the company's website.
The company also notified an increased EPA estimated-range for the Mach-E California Route 1 from 305 miles to 314 miles, the report said.
What Else: Signaling strong demand for the F-150 Lightning EV, Ford has reportedly stopped taking orders for the electric pickup truck. The company has collected 200,000 refundable $100 deposits since May, when the truck was unveiled. The company is preparing to open its order book for the truck next month.
Ford ended Friday's session up 9.61% to $21.45.
Related Link: Why Is This Ford Analyst Downgrading The Stock?
Photo: Courtesy of media.ford.com
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