Ford aims to build more than half a million electric vehicles by the end of 2023. Here’s the full plan | Rare Techy

Ford expects to produce 2,70,000 Mustang Mach-Es a year by the end of next year, along with 1,50,000 F-150 Lightning models.

Ford says it has procured enough batteries to power more than half a million electric vehicles a year by the end of next year. That’s far more than what Ford sold in the United States last year, which was 27,140 EVs. Ford said it has signed contracts with suppliers for an annual battery capacity of 60 gigawatts, enough to build 6,00,000 electric vehicles a year.

Ford has shared that it has also secured the battery capacity to build more than two million electric vehicles per year starting in 2026. In March of this year, CEO Jim Farley shared the same goal for the company. According to a Bloomberg report, Ford will use cheaper lithium iron phosphate batteries made by CATL starting next year in its Mustang Mach-E models and in the all-electric F-150 Lightning pickup in early 2024. The automaker also announced that in 2026, it plans to source 40 gigawatt-hours of these batteries annually in North America, but will initially import them from China.

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Ford is trying to catch up with popular electric vehicle maker Tesla with a $50 billion electrification investment by 2026. An earlier report also claimed that the automaker plans to cut 8,000 jobs in the coming weeks to boost profits and help finance it. EV goals.

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Ford said it expects to produce 2,70,000 Mustang Mach-Es a year, 1,50,000 F-150 Lightning models and 150,000 Transit EV vans and 30,000 units of the new electric SUV in Europe by the end of next year. “We’re putting an industrial system in place to scale quickly,” Farley said. He also added that the company’s e-team is moving quickly and focused to ensure the battery capacity and raw materials needed by the brand.

Date of first publication: 22 Jul 2022, 09:05 IST