The news: Ford has transformed from a latecomer to the EV space to a leader, seizing the No. 2 spot in EVs behind Tesla.
Why it’s worth watching: Diverse EV model offerings and investments in charging and telematics have propelled Ford’s transition into a powerhouse in electric, per Engadget.
- Ford’s Q4 results include revenue of $37.7 billion and net income of $12.3 billion, revealing that electrification efforts are already paying off.
- Ford said it was on track to double its EV manufacturing capacity to 600,000 by 2023.
- “We’re also proud that customers see how Ford is taking EVs mainstream and have already ordered or reserved more than 275,000 all-electric Mustang Mach-E SUVs, F-150 Lightning pickups, and E-Transit commercial vehicles,” said Ford President Jim Farley.
The opportunity: Ford has positioned itself to lead the pivot toward electric vehicles ahead of an aggressive government target to make EVs 50% of vehicles sold by 2030.
- Ford is producing EVs that users are clamoring for in the F-150 Lightning pickup (shipping September 2022) and the Mustang Mach-E SUV, as well as electric Transit vans for government and commercial use.
- According to Farley, Ford’s EV sales in January “grew almost four times faster than the overall electrified segment” (13,169 units in total).
What’s ahead? Ford has the first-mover advantage in making electric pickups available. This is a popular segment that can be EVs’ next area of growth.
- The global chip crisis, which cost the automotive industry $210 billion in 2021, could cause more delays for Ford and other EV makers.
- All eyes will be on Ford to deliver the goods, especially after various delays pushing back the release of Tesla’s Cybertruck and EV safety recalls.