Ford Motor Company (NYSE:F) is among the legacy automakers which have charted ambitious plans to transition into electrification.

"We're a very scrappy company when it comes to scaling our manufacturing. We're in the middle of it, and it's hard to handicap how it'll come out, but we're committed to getting to about 600,000 units running rate in 24 months," Farley said in the interview.

In comparison, Tesla sold 499,550 EVs, in 2020, and in the first nine months of the year, the company has delivered 627,350 units. "I really admire Tesla and Elon Musk," Farley said. "But I wouldn't bet against the Ford team."

Ford has an uphill task as Tesla is on the cusp of adding more production with its Giga Berlin and Giga Texas coming online.

"We're now going to be doubling production of the Mach-E, and now we have to find another place for all those vehicles to be built," Farley told Bloomberg.

Ford is also planning to double capacity at its Dearborn, Michigan, EV factory to build 160,000 F-150 Lightning pickups annually.

Related Link: Ford's F-150 Lightning Launch: Morgan Stanley's Key Takeaways

Farley Gives Credit Where It's Due: Monday, Farley tweeted his appreciation for Musk being named the Time magazine "Person Of The Year." While quoting Musk's statement that Tesla's intent was to serve as an example to the car industry, the Ford CEO said "mission accomplished."

Musk acknowledged the tweet by replying, "Thanks." Even in the past, Farley has not shied away from acknowledging Tesla's supremacy in the EV industry. "If Ford was a trillion-dollar company, our stock would be worth about $250 a share.

"Think about the value creation of Tesla right now," Farley reportedly said in an internal memo to employees. He went on to add that Tesla has the right resources, smart talent and successful products. At last check, Ford shares closed Friday's session down 1.86% at $20.05.

Related Link: Ford Motor Company Announces $11 Billion Investment in EV Factories