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Ford plans to overtake Tesla… Expectations to sell 600,000 electric cars annually

Ford Motor Co. expects to be the world’s second largest seller of electric vehicles within two years, according to chief operating officer Lisa Drake.

Drake told investors last weekend that the demand for Ford electric cars The first — the Mustang Mash e-crossover, the new F-150 Lightning electric pickup scheduled for release next spring, and its E-Transit commercial truck — encourage the automaker to ramp up production and raise sales expectations.

The upbeat forecast comes as the company has sold 22,000 of Mashe this year despite a chip shortage and pandemic shutdown, and Lightning’s retail bookings are close to 200,000 units, up from 150,000 in mid-September.

About 75 percent of Lightning truck bookings come from new customers at Ford, Drake added.

Drake predicts that within the next 24 months, based on the fact that there is a huge demand for these products, Ford will be the No. 2 electric car maker globally, with annual sales estimated at 600,000 units annually. “We are not planning to stop there,” he said.

This comes as Bloomberg analysts expect Tesla to sell 890,484 cars in 2021.

The Ford F-150 Lightning competes with the Tesla Cybertruck and Rivian Automotive’s R1T. The Mustang Mach-E will take on Tesla’s Model Y crossover.

Ford said in September it would spend $250 million to double capacity at the plant that makes Lightning so it could produce 80,000 trucks a year, up from a planned 40,000.

The gasoline-powered version of the F-Series truck has been the best-selling car in the United States for four decades and is Ford’s biggest moneymaker.

Ford and South Korea’s SK Innovation plan to spend $11.4 billion to build three battery plants and an assembly plant for F-Series electric trucks in Tennessee and Kentucky, the largest investment in the US automaker’s history.

The battery plants will be operational in 2025 and 2026. In addition to this joint venture, Ford is also purchasing cells from LG Energy Solution to supply the Mach-E and Transit electric truck.

“When we start building facilities like the Tennessee facility and others in the latter half of the decade, we think there is a clear potential to be #1, and we keep that premise in mind when setting up all of our plants,” Drake said.

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