Ford (F: NYSE) Sales increased 31.5% in June credited to large profits from their best-selling pickup-truck line, and their new electric F-150 Lightning.
The F-Series truck deliveries grew 26% year to date. The automaker’s returns were rare for an industry that saw a slump in June.
The company stated, “The chip shortages continue to be an industry challenge and remain fluid.” “We are doing our best during these times to get vehicles to our customers as quickly as possible.”
- Ford stated on July 21st, 2021, they secured 100% of the battery materials essential to supply electric vehicles, a rate of 600,000 per year) 2023.
- Ford will offer cost effective LFP batteries in their Mustang Mach-E and F-150 Lightning.
- Battery giant Contemporary Amperex Technology will aid the goal of producing 2 million EV’s per year by 2026.
CEO Jim Farley stated, “Ford’s new electric vehicle lineup has generated huge enthusiasm and demand, and now we are putting the industrial system in place to scale quickly.” “Our Model e team has moved with speed, focus and creativity to secure the battery capacity and raw materials we need to deliver breakthrough EVs for millions of customers.”
Ford has already ensured about 70% of the battery capability necessary to sustain their goal. They signed a non-binding document with CATL to delve into a bigger association that could make up much of the outstanding base.
To meet EV production goals, Ford may cut 8,000 jobs. Officials did not speak to layoffs directly but stated that speed and agility is vital for Ford’s battery-electric Model e class. This means they can secure deals in days, compared to months. “Believe it or not to move fast in this space, smaller is better,” a spokesman said. “A smaller team can move faster than a larger team.”