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World NewsFord plans to increase EV production to 600,000 vehicles by 2023

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

Ford CEO Jim Farley poses with the Ford F-150 Lightning pickup truck in Dearborn, Michigan, May 19, 2021.

Rebecca Cook | Reuters

Ford Motor plans to increase its production capability of electrical vehicles to 600,000 items globally by 2023, which CEO Jim Farley expects would make the corporate the second-largest U.S.-based producer of EVs, behind Tesla.

Farley stated the increase would double the variety of EVs the corporate had initially anticipated to produce over the following 24 months, in accordance to a report Thursday from Automotive News. That production is predicted to be unfold throughout Ford’s first three new EVs: the Mustang Mach-E, F-150 Lightning and E-Transit. It would come earlier than production is predicted to start at a newly introduced EV meeting plant in Tennessee, in accordance to the Detroit-based publication.

“The demand is so much higher than we expected,” Farley stated. “It’s a really new experience for this big company, trying to be agile. We had to approach it very differently than we’ve done capacity planning.”

It’s unclear if 600,000 would place it second behind Tesla. General Motors plans to promote 1 million electrical vehicles globally by 2025. Tesla stated in its third-quarter investor replace that the put in annual capability at its Fremont, California, car meeting plant stands at 600,000, and in Shanghai at greater than 450,000 automobiles per 12 months. The firm can also be constructing new factories close to Austin, Texas, and Berlin.

A GM spokesman stated the automaker was approaching 300,000 EV gross sales globally via the primary 9 months of this 12 months, largely in China. GM additionally plans to convert no less than 4 North American crops presently producing vehicles with inner combustion engines to be able to producing EVs within the coming years, as well as to crops in China and Michigan that already produce such vehicles.

In reference to the increase in EV capability, Farley stated Ford plans to convert greater than 80% of reservation holders for its upcoming F-150 Lightning EV into house owners. Ford says greater than 160,000 reservations that require a $100 totally refundable deposit have been positioned for the car forward of its arrival in dealerships by mid-2022.

— CNBC’s Lora Kolodny contributed to this report.

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