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The news: Ford has transformed from a latecomer to the EV space to a leader, seizing the No. 2 spot in EVs behind Tesla.
Why it’s worth watching:Diverse EV model offerings and investments in charging and telematics have propelled Ford’s transition into a powerhouse in electric, per Engadget.
Ford’s Q4 results include revenue of $37.7 billion and net income of $12.3 billion, revealing that electrification efforts are already paying off.
Ford said it was on track to double its EV manufacturing capacity to 600,000 by 2023.
“We’re also proud that customers see how Ford is taking EVs mainstream and have already ordered or reserved more than 275,000 all-electric Mustang Mach-E SUVs, F-150 Lightning pickups, and E-Transit commercial vehicles,” said Ford President Jim Farley.
The opportunity: Ford has positioned itself to lead the pivot toward electric vehicles ahead of an aggressive government target to make EVs 50% of vehicles sold by 2030.
Ford is producing EVs that users are clamoring for in the F-150 Lightning pickup (shipping September 2022) and the Mustang Mach-E SUV, as well as electric Transit vans for government and commercial use.
According to Farley, Ford’s EV sales in January “grew almost four times faster than the overall electrified segment” (13,169 units in total).
What’s ahead?Ford has the first-mover advantage in making electric pickups available. This is a popular segment that can be EVs’ next area of growth.
The global chip crisis, which cost the automotive industry $210 billion in 2021, could cause more delays for Ford and other EV makers.
All eyes will be on Ford to deliver the goods, especially after various delays pushing back the release of Tesla’s Cybertruck and EV safety recalls.