Ford Motor Company F is pursuing the electric vehicle market with increased momentum and investment and is hoping to deliver 600,000 EVs within the next 22 months.
Ford's 2 EV Favorites: Even as Ford steps on the gas pedal, CEO Jim Farley told Yahoo Finance Live that he admires EV giant Tesla Inc TSLA and Chinese EV startup Nio Inc - ADR NIO for their commitment and hard work toward making a name for themselves in the EV sector.
Rather than calling these two companies as rivals, the Ford CEO commended them.
"They've been at this a long time. They engineer their vehicles differently," Farley said.
Farley added he is "most respectful of Tesla's profitability." The company is now making more than $10,000 a vehicle in their second-quarter earnings, he said.
Related Link: Why Is Ford Planning To Triple Mustang Mach E EV Production By 2023?
Crosstown rival General Motors Company GM did not figure in Farley's list of favorite EV plays. GM announced earlier this week it is investing $7 billion to further its goal of overtaking Tesla as the EV leader by 2025.
Ford's Order Flow Abounds: Farley also said the company has more than 10,000 orders for its E-Transit, of which retail giant Walmart Inc WMT recently placed an order for 1,000 units. The company has about 200,000 reservations for its F-150 Lightning EV pickup truck, he added.
The targeted capacity of 600,000 units over the next 22 months will help the company meet these commitments.
F Price Action: Ford shares were rallying 2.49% to $20.41 Thursday morning at publication.
Related Link: Why This Ford Analyst Is Downgrading Blue Oval Stock
Photo: Ford F-150 Lightning pre-production model at the Rouge Electric Vehicle Center in Dearborn, Michigan, courtesy Ford
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