Ford Has Sights Set On Eventually Toppling Tesla As The No. 1 EV Maker - Ford Motor (NYSE:F)

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

Targeting Pole Position: Ford is looking to ramp up EV production to 600,000 units in two years, which will catapult the company to the number two spot in terms of EV sales, the Detroit-based company's CEO Jim Farley said in an interview with Bloomberg. Ford is currently in the fourth position behind EV market pioneer Tesla, Inc. TSLA, Volkswagen AG VWAGY and General Motors Corporation GM.

"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.

Ford's Gameplan: Farley announced last week the company is looking to boost production of its electric Mustang Mach-E. In a bid to focus on best-selling vehicles, the company plans to increase capacity of its Mexico Mustang Mach-E factory and delay the launch of its battery-powered Explorer SUV and the Lincoln Aviator.

"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.

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.

Market News and Data brought to you by Benzinga APIs