Ford Motor Co intends to become the second biggest electric car maker of the world within the next two years, the American auto giant said.
A top official of the company said that this is aimed to be achieved using a manufacturing capacity of more than 600,000 electric vehicles at its factories.
This optimistic target was accepted by the company because of the rising demand for its next new EV, the Ford F-150 Lightning truck. According to Lisa Drake, Ford North America's chief operating officer, more than 200,000 retail reservations for the vehicle have already been recovered by the company.
Based on production prediction data given by AutoForecast Solutions, reports said that Ford will likely be rivalling with Stellantis for the third position in the electric vehicle race by 2025. Tesla and the Volkswagen Group would be the top two electric vehicle makers respectively.
Ford is working on vertical integration of more electric vehicle components, such as power electronics and e-drives, at the currently available factories of the company that build parts for combustion vehicles, according to Drake, who was speaking at an investor conference. This is a modern version of the strategy of the company’s founder Henry Ford's pioneering work in building many of his own components for the cars made by the company back then.
"We haven't used 'vertical integration' in this industry in a long time," Drake said, but "you're going to hear it a lot more" as Ford and other automakers transition from combustion to electric vehicles.
The American car maker is currently partnering with five global battery suppliers and they together are striving to make and help develop battery cells for the all of the upcoming electric vehicles from Ford, she said. She added that the target of the company is to be able to build up production capacity of 240 gigawatt-hours globally by 2030. The battery makers that the company is working with are SK On, LG Energy Solution, CATL, BYD and Panasonic.
Drake said that the company has also set a target of bringing down the cost of electric vehicle to $80 per kilowatt-hour at the pack level "well before the end of the decade."
A number of cell chemistries are being considered by the automaker which includes cobalt-free lithium iron phosphate, and cell-to-pack structural batteries. These new technologies will help the company to bring down the costs of batteries that drive electric vehicles.
Work on the development of solid state batteries is being conducted by Ford and BMW in partnership with Colorado-based startup Solid Power. According top Drake, the companies should be able to make these solid state batteries at a commercial scale "well before the end of the decade."
(Source:www.businessworld.in)
A top official of the company said that this is aimed to be achieved using a manufacturing capacity of more than 600,000 electric vehicles at its factories.
This optimistic target was accepted by the company because of the rising demand for its next new EV, the Ford F-150 Lightning truck. According to Lisa Drake, Ford North America's chief operating officer, more than 200,000 retail reservations for the vehicle have already been recovered by the company.
Based on production prediction data given by AutoForecast Solutions, reports said that Ford will likely be rivalling with Stellantis for the third position in the electric vehicle race by 2025. Tesla and the Volkswagen Group would be the top two electric vehicle makers respectively.
Ford is working on vertical integration of more electric vehicle components, such as power electronics and e-drives, at the currently available factories of the company that build parts for combustion vehicles, according to Drake, who was speaking at an investor conference. This is a modern version of the strategy of the company’s founder Henry Ford's pioneering work in building many of his own components for the cars made by the company back then.
"We haven't used 'vertical integration' in this industry in a long time," Drake said, but "you're going to hear it a lot more" as Ford and other automakers transition from combustion to electric vehicles.
The American car maker is currently partnering with five global battery suppliers and they together are striving to make and help develop battery cells for the all of the upcoming electric vehicles from Ford, she said. She added that the target of the company is to be able to build up production capacity of 240 gigawatt-hours globally by 2030. The battery makers that the company is working with are SK On, LG Energy Solution, CATL, BYD and Panasonic.
Drake said that the company has also set a target of bringing down the cost of electric vehicle to $80 per kilowatt-hour at the pack level "well before the end of the decade."
A number of cell chemistries are being considered by the automaker which includes cobalt-free lithium iron phosphate, and cell-to-pack structural batteries. These new technologies will help the company to bring down the costs of batteries that drive electric vehicles.
Work on the development of solid state batteries is being conducted by Ford and BMW in partnership with Colorado-based startup Solid Power. According top Drake, the companies should be able to make these solid state batteries at a commercial scale "well before the end of the decade."
(Source:www.businessworld.in)
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