Ford releases the 2023 Integrated Sustainability and Financial Report.
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Ford releases the 2023 Integrated Sustainability and Financial Report.

Ford is on the path to reach its targeted annual production run rate of 600,000 EVs by the end of 2023 and more than 2 million by the end of 2026.

Ford Motor Company has released its 2023 Integrated Sustainability and Financial Report, showcasing its progress towards creating a more sustainable and equitable transportation future. The report presents data that indicates the company is on track to achieve carbon neutrality across its vehicles, operations, and supply chain by 2050.

The report highlights several initiatives that support the company’s commitment to sustainability, such as responsible sourcing of raw materials and increased transparency in its electric vehicle (EV) and battery supply chain. Ford is investing more than $50 billion between 2022 and 2026 to develop and manufacture EVs and batteries, with the goal of reaching an annual production run rate of 600,000 EVs by the end of 2023 and more than 2 million by the end of 2026.

By 2030, the company expects half of its global vehicle sales to be electric. The report provides data on the potential impact of Ford’s sustainability strategy, demonstrating that driving a Ford EV could reduce lifetime carbon dioxide emissions by up to 60% when charged with U.S. grid-average electricity compared to driving a similar internal combustion engine vehicle.

One of Ford’s notable achievements in this area is the F-150 Lightning pickup truck, which quickly became America’s best-selling electric pickup when it started full retail sales in June 2022. The report estimates that driving the F-150 Lightning over its lifespan could save as much carbon dioxide emissions as not using roughly 8,777 gallons of gasoline.

Ford is taking steps to ensure that its global supply chain upholds environmental standards and human rights. The company is building a new electric vehicle and battery supply chain, and has taken an important first step to source raw materials directly from mining companies that align with Ford’s corporate policy. The latest Integrated Sustainability and Financial Report highlights several new initiatives aimed at increasing transparency, traceability, and due diligence.

In 2021, Ford initiated mapping and auditing of its EV and battery supply chain to better understand the origins of critical minerals, including nickel, lithium, cobalt, and graphite. The project has conducted 30 supplier audits across all tiers to the mine site, and in early 2023, the company and its suppliers underwent an audit of their nickel, lithium, and cobalt due diligence management systems. Ford has also strengthened its corporate practices, including introducing new environmental, social, and governance requirements into its sourcing agreements.

Ford is working closely with its suppliers and third-party assurers like the Initiative for Responsible Mining Assurance, Responsible Minerals Initiative, and Responsible Business Alliance to identify and address environmental and human rights issues in its broader supply chain. The company’s Supplier Code of Conduct outlines comprehensive criteria to ensure that suppliers uphold ethical standards. In 2022, Ford provided training in supply chain sustainability to 844 purchasing employees, 2,647 other Ford employees, and 979 suppliers, covering topics such as anti-corruption, fair labor practices, and environmental protection.

Also Read: Tesla Model 3 hacked at the 2023 Pwn2Own hacking competition.

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