Ford plans to increase production of electric vehicles to 600,000 vehicles in 2023

Ford CEO Jim Farley poses with a Ford F-150 Lightning pickup truck in Dearborn, Michigan on May 19, 2021.

Rebecca Cook | Reuters

Ford Motor plans to increase its electric vehicle production capacity to 600,000 units worldwide by 2023, which CEO Jim Farley expects will make the company the second largest electric vehicle manufacturer in the United States after Tesla.

Farley said the increase is double what the company originally expected over the next 24 months, according to Thursday’s report. from Automotive News. This production is expected to be extended to Ford’s first three new electric vehicles: the Mustang Mach-E, the F-150 Lightning and the E-Transit. That will come before production is expected to begin at the newly announced electric vehicle assembly plant in Tennessee, according to a Detroit-based publication.

“The demand is much higher than we expected,” Farley said. “This is really a new experience for this big company – trying to be flexible. We had to approach this in a completely different way than we had planned for capacity. “

It is unclear if the 600,000 vehicles will be second only to Tesla. General Motors plans to sell 1 million electric vehicles worldwide by 2025. Tesla said in its third quarter investor report that it has 600,000 installed annual capacity at its auto assembly plant in Fremont, California, and more than 450,000 vehicles per year in Shanghai. The company is building new factories near Berlin and Austin, Texas.

A GM spokesman said the automaker is approaching 300,000 worldwide electric vehicle sales in the first nine months of this year, mostly in China. GM also plans to convert at least four North American factories that currently manufacture internal combustion engine vehicles to be able to produce electric vehicles in the coming years, in addition to factories in China and Michigan that already make such vehicles.

With the increase in electric vehicle power, Farley said Ford plans to own more than 80% of the armor owners on its upcoming F-150 Lightning electric vehicle. Ford says more than 160,000 bookings requiring a $ 100 fully refundable deposit have been placed for the vehicle before it reaches dealerships by the middle of next year.

– CNBC Laura Kolodnaya contributed to this report.

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