According to a top business official, Ford Motor Co plans to be the world’s second-biggest electric car producer within two years, with an annual manufacturing capacity of almost 600,000 vehicles.
Lisa Drake, Chief Operating Officer of Ford North America stated that as EV demand grows throughout the world, Ford has received early 200,000 retail bookings for its F-150 Lightning electric truck, which is the basis for the automaker’s optimistic objective.
In accordance with production prediction statistics given by AutoForecast Solutions, Ford and Stellantis are set to compete for the third position in the EV race by 2025, trailing Tesla and the Volkswagen Group.
Ford is seeking to vertically integrate more EV components, such as power electronics and e-drives, into existing plants that make parts for fossil-fuel driven cars – a modern take on founder Henry Ford’s pioneering work in creating many of his own components, said Drake at an investor conference.
“We haven’t used the term ‘vertical integration’ in our sector in a long time,” Drake said, adding that “you’re going to hear it a lot more” as Ford and other manufacturers shift from traditionally fuelled to electric cars.
Ford is all set to achieve the aim of 240 gigawatt-hour of global production capacity by 2030, as it has collaborated with five worldwide battery suppliers to produce and develop battery cells, which are SK On, LG Energy Solution, BYD, Panasonic and CATL.
Drake commented that the corporation also intends to cut the cost of EV battery cells to $80 per kilowatt-hour at the pack level, for which the firm is looking at new cell chemistries, such as cobalt-free lithium iron phosphate and cell-to-pack structural batteries.
Ford and BMW are collaborating with Colorado-based company Solid Power on the development of solid-state batteries, which Drake expects to be commercialized by the end of the decade.
Recently Ford had recorded a sales growth of 6.5% in August 2021.