$20 billion on top of $30 billion already committed
Ford is reportedly putting former Apple and Tesla executive Doug Field in charge of the reorganization, which will include converting its factories from gas-powered to electric vehicle production and hiring more engineers.
Ford is immeshed in a high-stakes race against its rivals as the auto industry struggles to catch up to Tesla Ford is immeshed in a high-stakes race against its rivals as the auto industry struggles to catch up to Tesla, the most valuable automaker in the world and the top seller of EVs. While Ford sells more F-series trucks every year than Tesla’s entire output, investors have rewarded Elon Musk’s vision of an all-electric future with a significantly higher share price and more confidence about his company’s prospects.
Ford CEO Jim Farley is trying to change that narrative with an effort to show that his company can compete. Ford recently announced that it wasof its upcoming electric pickup truck, the F-150 Lightning, and tripling production for the Mustang Mach-E, with the expectation that it will reach over 200,000 units per year by 2023. Ford’s electric delivery van, the E-Transit, also goes on sale early this year.
As long as they start shipping on time, Ford will join Rivian and GMC as the only automakers with an electric pickup truck on the market. (Rivian started
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