Ford released its fourth quarter 2020 financial results Thursday after the markets closed and posted a net loss for the quarter of $2.8 billion and $1.3 billion for the full year. None of that was surprising. However, Ford also announced a doubling of its investment in electrified vehicles to $22 billion through 2025 and an increase in its total investment in automated driving to $7 billion from $4 billion.
Ford began delivering the Mustang Mach-E, its first purpose-built electric vehicle, in late December and plans to ramp up deliveries beginning this month. Mach-Es for North America and Europe are being produced in Mexico, but the automaker recently announced it would add production for the Chinese market from its Changan assembly plant this spring.
So far, Ford has announced three new battery electric vehicles, the Mach-E, the e-Transit commercial van coming this fall and an electric F-150 due out in 2022.
“We are accelerating all our plans – breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” Jim Farley, Ford CEO said.
PROMOTED Jumio BrandVoice | Paid Program 5 Ways To Keep AI Bias Out Of Online Identity Verification UNICEF USA BrandVoice | Paid Program U-Report: Using UNICEF’s Social Messaging Platform To Improve Lives Civic Nation BrandVoice | Paid Program Every Child Deserves To Be Seen, Safe, And Successful
As part of the expanded commitment, Ford says that electric vehicles will be fundamental to the premium Lincoln brand. Similar strategies are being followed by many other automakers including General Motors GM +0.5% GM +0.5% GM +0.5% GM +0.5% which is targeting 2030 to have all Cadillacs be electric.
Ford hasn’t revealed any other specific electric products yet, but as part of its latest contract with the Canadian UNIFOR union, it did commit to building electric vehicles at the Oakville, Ontario assembly plant. In addition to Oakville, Cuautitlán, Mexico is building the Mach-E, Dearborn, Mich will produce the F-150 and the Kansas City assembly plant will build the e-Transit. MORE FOR YOU
Elon Musk’s Ex-Chief Engineer Creates A New Car—And Says It Beats TeslaID.6 EV SUV Details Not Leaked By China, Volkswagen AdmitsDidi Makes $1 Billion Profit While Uber Bleeds — Good News For Robotaxis
In support of growing EV sales, Ford is also expanding the charging network available through the Fordpass app from 13,500 to 16,000. Ford EV owners can set up payment through the app and then automatically get billed at chargers that are part of the network when the vehicle is plugged in.
As part of the ongoing development of its automated vehicle program, the Argo AI fleet in Miami undertook a charitable goods pilot delivery program during the fourth quarter. Vehicles completed address-to-address autonomous deliveries of groceries and school supplies. Ford and Argo AI are now testing fourth-generation prototypes based on the Ford Escape Hybrid which feature the production intent hardware configuration prior to the planned commercial launch of services in 2022. Those services are expected to debut in Miami, Washington DC and Austin, Texas.
I’ve spent my adult life working in and around the automotive industry. After earning a mechanical engineering degree from GMI I spent the next 17 years working on electronic control systems that help cars stop, go and change direction before I drove away to write about what other engineers were creating. Since then I’ve been trying to educate my readers, viewers and listeners about how the latest automotive technology works, what it can do and perhaps more importantly, what it can’t do. Since 2014 I’ve been combining my communications and engineering knowledge as a principal analyst with Navigant Research covering alternative fuels, advanced driving technologies and connected vehicles. I also co-host the Wheel Bearings podcast at https://wheelbearings.media/