Ford reveals its EV plan for the future and a new battery capacity plan.
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Ford reveals its EV plan for the future and a new battery capacity plan.

Ford plans to have half of its global production to be EV by 2030 and become a carbon-neutral company before 2050.

Automaker Ford aims to have 600,000 electric vehicles on the road globally by 2023 and more than 2 million by the end of 2026. Ford announced its EV plan and a series of initiatives for sourcing battery capacity and raw materials to achieve this aim. The company will invest over $50 billion in EV and its components production by 2026.

Ford is creating a new EV supply chain to have half of its global production be EV by 2030 and become a carbon-neutral company before 2050.

The company revealed its global EV portfolio plan. It expects a compound annual growth rate for EVs to exceed 90% and reach 600,000 by 2026.

Ford plans to reach a 600,000 global EV run rate by late 2023 with the following EVs:

  • 270,000 Mustang Mach-Es for North America, Europe, and China.
  • 150,000 F-150 Lightnings for North America.
  • 150,000 Transit EVs for North America and Europe.
  • 30,000 units of an all-new SUV for Europe, whose run rate will significantly ramp in 2024.

Besides having nickel cobalt manganese (NCM) cell chemistry, Ford is also adding lithium iron phosphate (LFP) cell chemistry to its portfolio. This creates even more capacity for high-demand products and provides customers with many years of operation with minimal range loss.

It also reduces the reliance on scarce critical minerals such as nickel and, at current costs, brings a 10 to 15% bill of material savings for Ford versus NCM batteries.

The company confirmed it had secured 100% of the annual battery cell capacity needed – 60-gigawatt hours (GWh) – to support this 600,000 EV run rate by working with leading battery companies around the globe.

Ford has partnered with companies like CATL, LG Energy Solution, and SK On for its EV battery requirement.

Also Read: Mahindra to unveil five electric SUV models on Independence Day.

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