DEARBORN, Michigan — Ford Motor Co. executives on Monday are providing an update on the automaker's growth plan to hundreds of investors and analysts who are attending a capital markets event virtually and in-person at Ford's headquarters.
The event serves as a progress report on the Ford+ growth strategy that has involved splitting the company into three separate business units: Ford Model e, focused on electric vehicles and software; Ford Pro, dedicated to fleet customers; and Ford Blue, the company's internal combustion engine vehicle business.
Among the updates shared: Ford is developing a three-row SUV as part of its second generation of electric vehicles. Doug Field, Ford's chief advanced product development and technology officer, teased an "affordable" family vehicle that he described as a "personal bullet train."
The vehicle, which is targeting an estimated 350 miles of range on a single charge with a smaller, more efficient battery, is slated to launch in 2025.
The SUV would join a new electric pickup truck Ford previously announced it's developing as part of its second generation EV lineup, a project that's codenamed 'T3.' That truck will be built at Ford's under-construction manufacturing campus in Tennessee.
At Monday's event, Ford executives from across the three business units are providing new key progressive indicators and discuss updated financial targets. Of particular interest to investors and Wall Street analysts, executives will discuss how Ford plans to get to a 10% companywide earnings margin and an 8% earnings margin in its EV business by 2026.
"With that kind of segment-level information, investors and others can track every quarter and assign value to the progress we're making in transforming Ford and the industry," Chief Financial Officer John Lawler said in a statement.
Executives will detail to Wall Street how the growth strategy and new units are improving the business and creating value. On hand will be CEO Jim Farley, Ford Blue President Kumar Galhotra, Field and Lisa Drake of Ford Model E, and Ted Cannis of Ford Pro, among others.
"The days of being all things to all people are over at Ford," Farley said in a statement ahead of Monday's event. "We're developing and delivering connected, digital products that give customers tailored ownership experiences — opening up diverse revenue pools and unprecedented growth for us instead of jockeying for slivers of share with complex hardware in over-served vehicle categories."
There also will be announcements about new battery raw-material agreements, according to a news release. Ford is targeting a production rate of 600,000 EVs by the end of this year and 2 million EVs by the end of 2026.
The company reaffirmed its full-year financial guidance of between $9 billion and $11 billion in adjusted earnings before interest and taxes, a move analysts had expected. It also reaffirmed its full-year earnings guidance for Ford Blue of $7 billion; $6 billion for Ford Pro; and a full-year loss of $3 billion for Ford Model e.
