Ford CEO Jim Farley participated in an interview this morning with Fox Business. Later, the CEO will join President Joe Biden, GM CEO Mary Barra, and others for a meeting about the future of EVs, among other related topics. He said Ford aims to deliver some 600,000 EVs "in 22 months from now." The CEO shared:
“We have to catch up. We’re going to do the investment in the product and capacity expansion and make vehicles as affordable as possible. We need the government’s help to make the switch to e-mobility through consumer incentives.”
Ford has already committed to significantly increasing the production of its current and upcoming electric vehicles, such as the Mustang Mach-E and F-150 Lightning. The brand points to demand vastly exceeding expectations as the reason for its change of plans. Early on, Ford said it would build about 40,000 Lightning electric pickup trucks per year, though it nearly doubled that number twice since then, aiming for 150,000 per year now.
Farley made reference to successful electric vehicle adoption in China and Europe, pointing to the ridiculous demand for EVs in other areas across the globe. He emphasized the need to "catch up." However, when Farley said "We have to catch up," he wasn't referring specifically to Ford, but to the US as a whole.
That said, Farley continues to make it clear that in order for the US to catch up with other successful EV markets, automakers need government support. Sadly, Biden's recent attempt to offer incentives for electric vehicles did not pass.
The Ford CEO went on to say that he believes Ford is one of the first companies to scale related to future electric vehicles. He continued:
“I think we’re one of the first to scale. We’re committed to 600,000 units in 22 months from now. What makes us different is we’re electrifying our most iconic vehicles where we sell the best.”
We'll be paying close attention to the upcoming meeting with President Biden later today, which should shed more light on Ford's plans, as well as the plans of GM and others. Once again, Tesla will not be included in the meeting, which has left many EV fans confused. However, the US-based electric automaker will be hosting its own meeting today for shareholders.
