Ford Has Sights Set On Eventually Toppling Tesla As The No. 1 EV Maker_老虎社区_美港股上老虎

Ford Has Sights Set On Eventually Toppling Tesla As The No. 1 EV Maker

benzinga2021-12-15

Ford Motor Company F -1.83% is among the legacy automakers which have charted ambitious plans to transition into electrification. Targeting Pole Position: Ford is looking to ramp up EV production to ...

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Ford is currently in the fourth position behind EV market pioneer Tesla, Inc. TSLA -0.82% (Get Free Alerts for TSLA), Volkswagen AG (PNK: VWAGY) and General Motors Corporation GM -1.2%.\n\n\"We're a very scrappy company when it comes to scaling our manufacturing. We're in the middle of it, and it's hard to handicap how it'll come out, but we're committed to getting to about 600,000 units running rate in 24 months,\" Farley said in the interview.\nIn comparison, Tesla sold 499,550 EVs, in 2020, and in the first nine months of the year, the company has delivered 627,350 units. \"I really admire Tesla and Elon Musk,\" Farley said. \"But I wouldn't bet against the Ford team.\"\n\nFord has an uphill task as Tesla is on the cusp of adding more production with its Giga Berlin and Giga Texas coming online.\n\nFord's Gameplan: Farley announced last week the company is looking to boost production of its electric Mustang Mach-E. In a bid to focus on best-selling vehicles, the company plans to increase capacity of its Mexico Mustang Mach-E factory and delay the launch of its battery-powered Explorer SUV and the Lincoln Aviator.\n\n\"We're now going to be doubling production of the Mach-E, and now we have to find another place for all those vehicles to be built,\" Farley told Bloomberg.\n\nFord is also planning to double capacity at its Dearborn, Michigan, EV factory to build 160,000 F-150 Lightning pickups annually.\nFarley Gives Credit Where It's Due: Monday, Farley tweeted his appreciation for Musk being named the Time magazine \"Person Of The Year.\" While quoting Musk's statement that Tesla's intent was to serve as an example to the car industry, the Ford CEO said \"mission accomplished.\"\n\n\nMusk acknowledged the tweet by replying, \"Thanks.\" Even in the past, Farley has not shied away from acknowledging Tesla's supremacy in the EV industry. \"If Ford was a trillion-dollar company, our stock would be worth about $250 a share.\n\n\"Think about the value creation of Tesla right now,\" Farley reportedly said in an internal memo to employees. He went on to add that Tesla has the right resources, smart talent and successful products. At last check, Ford shares closed Friday's session down 1.86% at $20.05.\n\nIf you are blindly looking up and trading stocks the way 99% of traders are, you are missing on HUGE potential returns. Even new traders who started following this options trading strategy instantly began seeing returns they wouldn't have had otherwise. With even two trades per month with this strategy, you will start seeing the difference in your trading account. Don't waste anymore time \"guessing\" and \"getting lucky\". Click here now to start profiting off options trading.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}