The electric vehicle business is full of competitors and new products. The latest company to get involved in the push for more environmentally friendly vehicles is Ford (F), which has announced it produced its 150,000th Mustang Mach-E within two years. However, the company wants to ramp up the run rate to at least 600,000 a year by the end of 2023.
Ford released its Q4 2022 earnings report on February 2, 2023. Within these reports, Ford highlighted how the company has performed over the last quarter as well as the full year. One interesting tidbit to note is that the company celebrated the production of its 150,000th Mustang Mach-E, the company’s electric vehicle of its popular Mustang series. However, Ford doesn’t stop there. The report states it plans to scale its global production of EV vehicles to a run rate of 600,000 annually by the end of this year.
In November, producing the 150,000th Mustang Mach-E in less than two years, a milestone to scaling Ford’s global EV production to a run rate of 600,000 annually by the end of 2023 and more than 2 million by the end of 2026.
The quote taken from page three of the report also notes Ford aims to have a production run rate of 2 million by the end of 2026.
It was just at the end of January that Ford reduced the price of its Mustang Mach-E after Tesla announced similar price reductions. This was after Ford announced an increase to the price due to the rising cost of batteries in August 2022.
Ford’s other line of electric vehicles, the F-150 Lightning, has seen a starting cost up 40 percent since launch. Previously, Ford aimed to expand production of its F-150 to as many as 150,000 units for the 2023 model year.
We’ll be sure to keep you updated on how Ford goes hitting the 600,000 unit a year goal, as well as the lofty target of 2 million by the end of 2026. Read over our earnings reports page for more figures from this quarter and previous quarters.