Market Overview

Ford Makes Huge Push Into Electric Race, 13 Vehicles On The Horizon

Ford Makes Huge Push Into Electric Race, 13 Vehicles On The Horizon

Shares of Ford Motor Company (NYSE: F) gained more than 2.5 percent on Tuesday after the company made a major announcement concerning its lineup of electric vehicles.

Ford detailed on Tuesday seven new electric vehicles and their respective timelines as part of its strategy of introducing a total of 13 new electric vehicles over the next five years:

  • 2 hybrid police vehicles (no date announced).
  • A transit custom plug-in hybrid by 2019.
  • A new fully electric small SUV by 2020.
  • A hybrid version of the F-150 pickup truck by 2020.
  • A hybrid version of the iconic Mustang by 2020.
  • A high-volume fully autonomous hybrid vehicle for commercial ride hailing or ride sharing by 2021.

Ford also stated that its global utility lineup will be its first hybrids powered by EcoBoost rather than the naturally aspirated engines. The automaker also plans to aggressively expand within the electric vehicles services and solutions segment, including EV fleet management, route planning and telematics solutions.

"As more and more consumers around the world become interested in electrified vehicles, Ford is committed to being a leader in providing consumers with a broad range of electrified vehicles, services and solutions that make people's lives better," said Mark Fields, Ford president and CEO. "Our investments and expanding lineup reflect our view that global offerings of electrified vehicles will exceed gasoline-powered vehicles within the next 15 years."

Production Update

Ford stated that as part of its initiative of creating the "new era of vehicles" it will add 700 direct new U.S. jobs and invest $700 million over the next four years, including the creation of the new Manufacturing Innovation Center at its Flat Rock assembly plant.

The investment in the Flat Rock assembly plant will be financed from the $1.6 billion the company previously planned to invest in a new plant in Mexico. Specifically, Ford is canceling plans it had to build a new plant in San Luis Potosi.

Ford also added that the next generation of its Focus cars will be built at an existing plant in Hermosillo, Mexico, which will help make way for two new iconic products at the Michigan assembly plant in Wayne, Michigan.

Of particular note, it is believed that there were no direct negotiations involved between Ford and President-elect Donald Trump.

Reuters' auto report David Shepardson tweeted that a source at Ford said there were no direct negotiations between the company and Trump, although the Trump team was notified of Ford's decision. However, Shepardson said in a separate tweet that Ford's officials credited Trump's policy goals of lowering taxes and regulations with its decision to invest in the United States.


Related Articles (F)

View Comments and Join the Discussion!

Posted-In: David Shepardson Donald TrumpNews Travel Tech Media Trading Ideas General Best of Benzinga