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    Ford: electric vehicle race gives shares a jolt

    Ford Motor Co Update

    In the race to become Detroit’s top electric car maker, Ford lags behind its cross-town rival General Motors.

    Under the new boss Jim Farley, the leaderboard is changing.America’s second largest car maker Announced plan This week we will invest in three US battery and electric truck plants. The planned spending of $ 7 billion will be the only largest manufacturing investment in Ford’s 118-year history. Only a few months after the company announced plans to spend $ 30 billion on electric vehicles by 2025. The message is clear. Ford is no longer an EV lag.

    But the dream of electricity is difficult to achieve.Electric car sales Reach 31m unit For a year by 2030, gasoline vehicles remain Ford’s core business so far, according to Deloitte.

    At the moment, the only pure electrical product Ford has on the market is the Mustang Mach-ESUV.that sold out Only 17,277 models in the first eight months of the year. That’s just 1.4% of all vehicles sold by the company during the period. In contrast, Tesla produced and delivered nearly 500,000 vehicles last year.

    Ford’s big test will take place next spring with the launch of the electric version of the popular pickup truck, the F-150 Lightning. For traditional automakers, the future of EVs couldn’t be secured without building the electric pickup trucks that Americans would want to buy. Ford will have a lot of competition in this regard. GM has a GMC Hummer on its wings. Start-ups Rivian (funded by Ford), Lordstown Motors and Tesla are preparing their own entries.

    Ford’s share has more than doubled since Farley took the initiative almost a year ago, outpacing GM’s 81% rise during this period. It is no longer traded to GM at a discounted price on a futures revenue basis. But with just nine times the expected revenue, compared to 123 times Tesla, Ford remains a cheap way to the thriving electric vehicle market.

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    The post Ford: electric vehicle race gives shares a jolt appeared first on California News Times.

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