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Between May 2021 and March 2022, Ford decided to invest an additional $20 billion into EVs through 2026, bringing the Blue Oval total to $50 billion. Ford’s big EV spending is just getting started, with the automaker announcing today that it plans to produce 600,000 EVs by the end of 2023. Ford hopes to increase that number to two million by the end of 2026.
The automaker plans to reach those production figures through a series of new initiatives to help companies secure battery capacity for such vehicles. The automaker has secured 100 percent of the annual battery cell capacity needed for 600,000 EVs and about 70 percent of the capacity needed to reach its two million EV production target.
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Ford plans to produce 270,000 Mustang Mach-E crossovers, 150,000 F-150 Lightning pickups, 150,000 Transit EV vans and 30,000 undisclosed midsize SUV examples for the European market by the end of next year. Production for the new SUV will “increase significantly in 2024,” according to Ford.
Ford added lithium iron phosphate battery packs to its repertoire to manufacture these vehicles, sourcing them from Contemporary Amperex Technology Co. It will join the nickel-cobalt manganese battery pack the company already uses. LiFePO battery packs will start to find their way to Mach-E North America next year, with Lightning starting to get them as early as 2024.
The automaker also plans to increase its relationship with LG Energy Solutions and SK On to achieve its 2023 production goals. SK On has increased capacity to support the scaling of Lighting and E-Transit production through the end of 2023.
Achieving its goal of two million EVs produced by the end of 2026 will require Ford to get creative. The company said it was working with major mining companies to help automakers secure the raw materials needed for batteries. The automaker also announced that it was getting a “major lithium contract,” as well.
Ford’s announcement of its electric future comes a day after a report alleged that the company was preparing to cut 8,000 jobs by the end of the summer. Ford’s salaried workforce allegedly faced the burden of cutting, but nothing was resolved. The automaker’s Ford+ plan enacted by CEO Jim Farley calls for cost cuts of up to $3 billion by 2026. Its strategy also divides Ford into two distinct sections – Model E for EVs and Blue for ICE vehicles.
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