Ford Motor Co. on Thursday unveiled its strategy for securing enough electric-vehicle batteries and key raw materials to hit ambitious electrification targets in the coming years.
The Dearborn automaker previously has said that it aims to hit annual EV production capacity of 600,000 units by late 2023 and 2 million by the end of 2026. It is investing $50 billion in electrification through 2026 as it targets adjusted operating profit margins of 10% companywide and 8% for EVs by that time. Shoring up supply chains — amid soaring commodity costs and fierce competition in an industry moving rapidly toward electrification — will be crucial to hitting those goals.
“Ford’s new electric vehicle lineup has generated huge enthusiasm and demand, and now we are putting the industrial system in place to scale quickly,” Ford CEO Jim Farley said in a statement. “Our Model e team has moved with speed, focus and creativity to secure the battery capacity and raw materials we need to deliver breakthrough EVs for millions of customers.”
