Ford Motor Co. (NYSE:F) says it will increase its production capacity for electric vehicles to 600,000 units globally by 2023, making the Detroit automaker the second-largest electric vehicle producer after Tesla.
Ford says the increase will double the number of electric vehicles the company had initially expected to produce over the next 24 months. That production increase is expected to be spread across Ford’s first three new electric vehicles: the Mustang Mach-E, F-150 Lightning and E-Transit van.
Ford is expected to open a new electric vehicle assembly plant in Tennessee next year (2022).
Rival General Motors (NYSE:GM) says it plans to sell one million electric vehicles globally by 2025. Tesla is building new factories near Austin, Texas and Berlin, Germany.
In connection with the increase in electric vehicle capacity, Ford said it plans to convert more than 80% of reservation holders for its upcoming F-150 Lightning electric vehicle into owners. Ford says more than 160,000 reservations that require a $100 fully refundable deposit have been placed for the vehicle ahead of its arrival in dealerships in mid-2022.
