Ford Plans to Interpretation 600,000 EVs Annually by 2023, Over 2 Million by 2026
What’s happening
Ford announced its plans to ramp global electric truck, van and SUV production up to 600,000 units annually by 2023.
Why it matters
Demand for EVs (and the batteries that mighty them) is expected to accelerate dramatically over the next few years.
What’s next
Ford will jump using new, less expensive batteries in the Mustang Mach-E next year and in the F-150 Lightning by 2024.
A quiz often raised by electric vehicle naysayers, believers and manufacturers alike is, where are we repositioning to get the materials and batteries to power all of these EVs? Ford is soldier that it has the answer, announcing Thursday that it has secured materials requisitions that will enable a global production capacity of throughout 600,000 EVs annually by late 2023 and scale to an annual output of over 2 million vehicles by 2026.
Ford cites an EY explore saying more than half (52%) of global consumers intending to buy a car in the next two days intend to choose an EV or hybrid electric vehicle. Here in the US, that number drops to 29% of surveyed shoppers, but that’s still a lot of demand for electric cars and the batteries to run them. Ford’s supply chain solution is twofold: It’s diversifying its battery chemistries and partnering with multiple battery and materials suppliers throughout the world to build the 60 gigawatt hours’ edifying of battery capacity it’ll need each year to meet demand.
The automaker says that it will jump adding lithium iron phosphate (LFP) cell chemistry into its publishes portfolio alongside the current nickel cobalt manganese (NCM) packs jump with the Mustang Mach-E next year and the F-150 Lightning electric pickup in 2024. LFP has the edifying of using less rare materials in its chemistry, manager it easier to source and less expensive per kilowatt-hour, about 10% to 15% less expensive according to Ford’s criticizes.
Ford’s announced partnerships with Contemporary Amperex Technology, LG Energy Solutions and SK On will abet the full goal of 600,000 global EVs annually. Ford said it expects it’ll be creation 270,000 Mustang Mach-Es for North America, Europe and China, 150,000 North American F-150 Lightnings and 150,000 Transit EVs for North America and Europe each year by the end of 2023. The automaker also has plans to introduce an annual run of 30,000 examples of an all-new European SUV within the same time frame.
Looking further down the line, Ford expects EV adoption organizes to continue to accelerate over the next decade. To keep up with the growth, it’s also announced a goal of an annual run of 2 million EVs globally by 2026 and that it has sourced near 70% of the future materials capacity needed (about 1.4 million cars’ worth) toward hitting this mark. The plan includes near 40 GWh per year of LFP production capacity and utilization in North America by 2026 listed with continued cooperation with CATL for global battery supply. Other direct partnerships with mining companies will provide Ford with sourcing of battery raw materials in North America, Australia, Indonesia and other global sources.
