Ford ended 2022 with 61,575 total EVs sold in the No. 2 position behind Tesla in sales.
Elon Musk’s electric vehicle manufacturing company, Tesla, remains the US leader in electric vehicle production and sales and has big plans to ramp up production of its vehicles by the end of the decade.
tesla (TSLA) – Get a free reportset a record by producing 1.37 million EVs in 2022 and delivering 1.31 million, but Musk and the company aren’t satisfied with that volume. Tesla’s four electric vehicle manufacturing plants located in the US, China, and Germany currently have a combined capacity of 1.9 million vehicle units, but will need to accelerate development of several new manufacturing plants if it plans to achieve Musk and Tesla’s goal of producing 20 million electric vehicles by 2030.
Ford (F) – Get a free reportfinished 2022 with 61,575 total EVs sold in the No. 2 position behind Tesla in sales. Competition has continued to increase between the two companies and the latest battle has been a price war.
On January 30, Ford slashed prices by 8.4% on its all-electric extended-range Mustang Mach-E GT, lowering the cost by $5,900 to $63,995. On January 12, Tesla cut prices for all of its electric vehicles from 7% to 20%, but on February 4, the company reversed course and raised prices for its Model Y SUV/Crossover by 2-3%. %. It also increased the price of the Model Y Long Range by 2.8% and the performance of the Model Y increased by 1.75%.
Ford
Ford increases electric vehicle production capacity
Ford has had a reputation for having the most popular internal combustion engine pickup truck in the F-150 for many years. Telsa is making noise about launching its Cybertruck EV into production later this year, but it will face some heated competition from Ford.
Ford’s F-150 Lightning EV has been the best-selling electric pickup truck in America since its launch in April 2022, and along with the Mustang Mach-E and E-Transit electric pickup truck, the Dearborn electric vehicle maker, Michigan says it is on track to increase production capacity to 50,000 EVs per month or 600,000 vehicles worldwide by the end of 2023, company chief executive Jim Farley said at Ford’sfourth quarter earnings callaccording to Motley Fool.
“At this point in our journey, I didn’t expect to be the No. 2 EV seller in the US. I didn’t know Lightning would sell out,” Farley said in the earnings call.
Ford’s CEO said the automaker plans to continue expanding its electric vehicle capacity with a goal of reaching a capacity of 2 million all-electric vehicles annually by the end of 2026. To meet that goal, he said the company is adding shifts and expanding facilities to build new battery capacity and assembly capacity.
The company is currently building its BlueOval City vehicle and battery manufacturing plant in Stanton, Tennessee, which it plans to open in 2025, as well as its new BlueOval SK Battery Park in Kentucky. The company also hopes by the end of this year to secure 100% of the raw materials it needs to produce 2 million vehicles per year, Farley said.
Ford develops its second generation electric vehicles
“Now, we’re deep into the development of our second-generation EVs, including our next-generation full-size electric pickup truck, which, by the way, is amazing,” Farley said.
Ford is developing an entirely new electrical architecture for its electric vehicles that will be radically simplified and fully software upgradeable. The electric vehicles will have three body styles, each with volume potential of up to 1 million units and only a handful of combinations available, Farley said.
