Ford plans to increase EV production to 600,000 vehicles in 2023

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  • According to CEO Jim Farley, Ford plans to increase production capacity of electric vehicles globally to 600,000 units by 2023.
  • The executive expects the company to become the second largest US-based producer of EVs after Tesla.
  • It is not clear whether the 600,000 will place it second behind Tesla. General Motors plans to sell one million electric vehicles globally by 2025.

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Ford Motor plans to increase production capacity of electric vehicles globally to 600,000 units by 2023, which CEO Jim Farley hopes will make the company the second largest US-based producer of EVs after Tesla.

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According to a report on Thursday, Farley said the growth is double what the company initially expected to do over the next 24 months. From Automotive News. This production is expected to span Ford’s first three new EVs: the Mustang Mach-E, F-150 Lightning and the E-Transit. It will arrive earlier than expected to begin production at a newly announced EV assembly plant in Tennessee, according to the Detroit-based publication.

“Demand is much higher than we expected,” Farley said. “It’s a really new experience for a company this big, trying to be agile. We had to look at it very differently than capacity planning.”

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It’s unclear whether the 600,000 would place it second behind Tesla. General Motors plans to sell 1 million electric vehicles globally by 2025. Tesla said in its third-quarter investor update that it has an annual installed capacity of 600,000 at its Fremont, California vehicle assembly plant and more than 450,000 cars per year in Shanghai. And the company is building new factories near Berlin, and Austin, Texas.

A GM spokesman said the automaker was approaching 300,000 EV sales globally during the first nine months of this year, primarily in China. GM plans to convert at least four North American plants in the coming years to be able to produce vehicles with internal combustion engines, in addition to plants already producing such vehicles in China and Michigan. .

With regard to the increase in EV capacity, Farley said that Ford plans to convert more than 80% of reservation holders into owners for its upcoming F-150 Lightning EV. Ford says that reservations over 160,000 require a $100 fully refundable deposit placed before the vehicle arrives at dealerships by the middle of next year.

– Businesshala Lora Kolodny

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