The Ford company is on a path to achieving 600,000 EVs sold by 2023

 Building on solid demand for its new electric vehicles, Ford announced a series of raw material sourcing initiatives for battery production that illustrate a clear path to achieving its goal of selling 600,000 electric cars by the end of 2023 and over two million by the end of 2026.

The company detailed its global plans for the portfolio of vehicles that support these production goals as part of its Ford+ plan. Ford expects the annual growth rate for electric vehicles to exceed 90% by 2026, twice the global industry estimates.

"Ford's new range of electric cars has developed tremendous excitement and demand, and we are now implementing the industrial system to scale rapidly," said Jim Farley, Ford president and CEO and president of Ford Model e. "Our Model e team has moved quickly, focus and creativity to secure the batteries and basic materials we need to provide innovative electric vehicles to millions of customers."

Ford intends to fund more than $50 billion in electric cars by 2026, targeting the company's adjusted EBIT margins of 10% and 8% electric vehicle EBIT margins by 2026.

As Ford creates a new supply chain for electric vehicles that supports its sustainability and human rights pledges, the Ford company continues to plan for more than half of its global production to be electric cars by 2030 and achieve a carbon-neutral global footprint by 2050.

In Europe, the Ford Niehl plant in Cologne is currently undergoing significant upgrades to prepare for electric vehicle production starting in 2023. This upgrade includes the construction of a new 2,500-square-meter building.

Ford Mustang Mach-E

Moreover, the current Ford production facilities will be updated with new energy-efficient solutions, which will reduce CO2 emissions by more than 2,000 tons of CO2 and save more than 2,600 MWh of electricity per year.

The first electric vehicle is expected to roll off the production line in Cologne in 2023, with a second electric car model to be made starting in mid-2024. Annual volume at the new factory is expected to reach 200,000 vehicles per year.

The refurbishment of the Niehl plant is a significant step for Ford to achieve an all-electric future in Europe. It contributes to its goal of having a carbon-neutral footprint for its European facilities, logistics, and suppliers by 2035.

Ford plans to sell 600,000 electric vehicles by the end of 2023:

  • 270,000 Ford Mustang Mach-Es for U.S., Europe, and China
  • 150,000 F-150 Lightning for North America
  • 150,000 Transit electric vehicles for North America and Europe
  • 30,000 units of the all-new SUV produced in Cologne in Europe, the production and sales rate of which will grow enormously in 2024

Ford is adding lithium-ion-phosphate (LFP) batteries to its portfolio, alongside the already existing nickel-cobalt-manganese (NCM) ones. This creates even more production capacity for high-demand products and provides customers with many years of operation with minimal loss of autonomy. It also reduces reliance on rare critical minerals such as nickel and, at current costs, delivers a 10 to 15 percent material savings over NCM batteries.

The company has confirmed that it has secured 100% of the required annual battery capacity – 60-gigawatt hours (GWh) – to support this plan to sell 600,000 electric cars by partnering with many leading companies worldwide.

Ford reported that Contemporary Amperex Technology Co., Ltd. (CATL) will provide complete LFP battery packs for Ford Mustang Mach-E models starting next year and F-150 Lighting starting early 2024. The flexibility of the E.V. architecture developed by Ford allows efficient incorporation of CATL's prismatic LFP technology, providing the rapid incremental capability to scale and meet customer demand.

Ford is also leveraging its long-standing relationship with L.G. Energy Solution (LGES) and its strategic ties with SK On to meet its goal of supplying batteries by the end of 2023.

Supplier LGES rapidly expanded and doubled capacity at its facility in Wroclaw, Poland, to support incremental production of NCM cells for the Mustang Mach-E and E-Transit models.

In addition, SK On already has capacity installed to support production expansion for the Ford F-150 Lightning and Ford E-Transit through the end of 2023 – increasing NCM cell production above previously planned levels at its Atlanta facility and also providing an increased production capacity at the Hungarian factory.

Ford Mustang Mach-E

Ford is building on the agreements generated to reach the 600,000 EVs sold mark by the end of 2023 and is counting on them for the future. The company has secured around 70% of the battery capacity needed to support global sales of more than two million electric vehicles by the end of 2026.

Ford and CATL, the world's largest battery manufacturer, signed a non-binding memorandum to explore cooperation to supply batteries to Ford's markets in China, Europe, and North America.

Ford also announced that it plans to produce 40 GWh of LFP battery capacity in North America starting in 2026.

The company plans to use this additional capacity to complement three previously advertised battery manufacturers in Kentucky and Tennessee, officially established last week. Ford signed a supplementary memorandum with SK On and Koç Holdings to create a joint venture in Turkey to expand local battery production capacity.

Ford has also closed several key lithium contracts. Beyond the recently announced key asset in Western Australia secured through Liontown Resources, Ford has also signed a non-binding MOU with Rio Tinto, exploring a significant deal to take lithium from its Rincon project in Argentina. It is part of a multi-metal MOU that brings benefits to Ford in aluminum and includes a potential copper opportunity.

For the first time, most consumers planning to buy an E.V. car in the next two years say they will choose an electric car or hybrid car – up 11% from last year and 22% from 2020, according to an analysis publicized by EY. Most of this increase is for fully electric cars.

Among companies that do not yet own an electric vehicle, 60 percent of U.S. fleet managers said in a Ford Pro survey that they plan to add electric vehicles to their operations within two years.

Market response to the F-150 Lightning and Mustang Mach-E is strong, bringing entirely new customers to Ford. The Mustang Mach-E ranks first in its segment in the favorable opinion of vehicle buyers in the market, according to a Ford study conducted in the first quarter, while the excellent statement of the F-150 Lightning was two after the F-150 powered by an internal combustion engine.

To further drive demand, Ford is working to make electric vehicles accessible to millions of people by addressing potential limitations such as charging, cost, and improving the customer buying experience for electric vehicles.

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