fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Infrastructure Transportation

Ford announces new agreements to fast-track EV production by the end of 2023

The agreements are part of Ford's push to have its annual EV production rate globally reach 600,000 vehicles towards the end of 2023

Ritu M R by Ritu M R
July 22, 2022
in Transportation, Energy, The Global Economics, Top Stories
Reading Time: 2 mins read
1
Ford announces new agreements to fast-track EV production by the end of 2023

Ford announces new agreements to fast-track EV production by the end of 2023

28
SHARES
156
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Ford Motor Co on Thursday announced a series of agreements to fast-track its shift to electric vehicles, involving sourcing battery capacity and raw materials from such companies as Chinese battery maker Contemporary Amperex Technology Co., Limited (CATL) and Australian leading global mining Group, Rio Tinto.

The agreements are part of Ford’s thrust to have its annual EV production rate internationally achieve a mark of 600,000 vehicles by the end of 2023 and over 2 million by late 2026. Ford stated that it foresees a compound annual growth rate (CAGR) for EVs to cover 90 percent through 2026, which will more than augment the projected industry growth ratio.

Ford Chief Executive Jim Farley said in a statement that the company is positioning the industrial system in place in order to scale swiftly.

Earlier this year, Ford increased its planned spending on EV production through 2026 to USD50 billion from a prior estimate of USD30 billion. The company also reorganised operations and created separate units to produce EVs and conventional gasoline powered vehicles, focusing on the Ford Model e, and Ford Blue respectively.

The agreements are part of a wider effort by Ford to boost its annual production rate of EVs to 600,000 vehicles by 2023, and aims to produce more than two million vehicles by 2026.

At the time, the Michigan based company has stated that its EV business would not be profitable until the production of next-gen models slated for 2025.

Ford announced that CATL would provide LFP battery packs to power the Mustang Mach-E crossover to be launched in North America next year, and also for the F-150 Lightning pick-up trucks to be launched in the beginning of 2024.

The company continues to work with LG Energy Solutions and SK Innovation, its long-term battery supplier.

In an announcement, the company said that it had already sourced almost 70 percent of the battery cell capacity required to achieve its production target of two million vehicles by 2026.

Ford plans to source raw materials directly

In an effort to supplement the deals for battery cells, the company has said that it also plans to source battery cell raw materials directly from suppliers.

In agreements signed with Rio Tinto, Ford has locked in contracts for the supply of lithium, and is looking at the possibility of a massive lithium up-take agreement from Rio Tinto’s mining project in Argentina. The company stated that it was part of a multi-faceted agreement that will complement Ford’s aluminium business and will also unlock a potential opportunity for copper.

The company has also announced a slew of other agreements for the procurement of battery materials. Ford has signed a letter of intent with SK On and EcoPro BM to set up a cathode production factory in North America. It has also signed an agreement with Compass Minerals for lithium hydroxide and lithium carbonate in Utah, in addition to an agreement with SK On and Syrah Resources to procure natural graphite in Louisiana.

The run-up to the target of producing 600,000 Evs by 2023 includes the production of 270,000 Mustang Mach-E Crossovers, 150,000 Lightning pickup trucks and 150,000 Transit vans. The plan includes production of a new SUV targeted at the European market, for which production will increase by 2024.

 

Via: short URL
Tags: BatteryEVEV batteryford
Ritu M R

Ritu M R

Ritu is a professional who aims at writing informative and engaging articles that appeal to the readers.

Related Posts

Snap Inc. signs MoU with Qatar’s Government Communications office (GCO) to launch a new office in Doha
Digital

Snap Inc. signs MoU with Qatar’s Government Communications office (GCO) to launch a new office in Doha

by Ritu M R
August 10, 2022
Sumitomo Mitsui Bank (SMBC) stages into NFTs with Bare-bones strategy outline in 2022
Crypto & Fintech

Sumitomo Mitsui Bank (SMBC) partners with HashPort to stage NFTs with the Bare-bones strategy in 2022

by Ritu M R
August 10, 2022
Meta Inc. announces first-ever corporate bond offering by raising $10 billion
Technology

Meta Inc. announces first-ever corporate bond offering by raising $10 billion

by Ritu M R
August 10, 2022
Mubadala Capital to acquire Canada Cartage, one of Canada’s leading supply chain service providers in 2022
Mergers & Acquisitions

Mubadala Capital to acquire Canada Cartage, one of Canada’s leading supply chain service providers in 2022

by Ritu M R
August 9, 2022
Oman Oil Marketing Company launches 7th KSA service station in Mecca
Energy

Oman Oil Marketing Company launches new 7th KSA service station in Mecca

by Ritu M R
August 9, 2022
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Snap Inc. signs MoU with Qatar’s Government Communications office (GCO) to launch a new office in Doha

Snap Inc. signs MoU with Qatar’s Government Communications office (GCO) to launch a new office in Doha

August 10, 2022
Sumitomo Mitsui Bank (SMBC) stages into NFTs with Bare-bones strategy outline in 2022

Sumitomo Mitsui Bank (SMBC) partners with HashPort to stage NFTs with the Bare-bones strategy in 2022

August 10, 2022
Meta Inc. announces first-ever corporate bond offering by raising $10 billion

Meta Inc. announces first-ever corporate bond offering by raising $10 billion

August 10, 2022
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version