How important are electric vehicles to Ford? This executive says he can 'revive' the automaker
The historic automobile company Ford Motor Company F has been in existence for 120 years. The company now has its sights set on growth through electric vehicles. An executive explains how important the transition is for the future of the company.
What happened: Ford launched several electric vehicle models, including new versions of its classic Mustang and F-150 brands.
The company's brand strategy could be boosted by the shift to electric vehicles, according to the company's vice president of sustainability, Bob Holycross.
Holycross said electric vehicles would jump-start the business, according to a report by Electrek.
Ford's executive also has the backing of the company's CEO, Jim Farley, and Executive Chairman, Bill Ford, who believe that electric vehicles can contribute to a "refoundation of the 'company".
Ford executives point to the recent transportation infrastructure bill and the Cut Inflation Act adding funding for electric vehicle charging infrastructure and electric vehicle charging infrastructure, respectively. incentives for electric vehicle buyers.
Holycross is seeing EV adoption rise as prices fall thanks to initiatives like the Cut Inflation Act.
Related link: Ford Q2 Earnings Highlights: Revenue and EPS Exceed, Strong EV Demand, Increased dividends, etc.
Why it matters: While some traditional automakers have struggled to onboard everyone to make the full transition to electric vehicles, it seems Ford executives are all convinced that electric vehicles are the future.
Ford CEO Farley emphasized growth with electric vehicles when he took over the C-suite in October 2020.
“Straighten automotive operations; allocate capital to Ford's strongest franchises and growth opportunities; mass-produce compelling electric vehicles unique to Ford; and build new AV businesses,” said Farley.
Electric vehicle sales for Ford in August put the company in second place in the United States, behind only longtime market leader Tesla Inc TSLA.< /p>
Ford sold 25,765 units of the Mach-e in 2022, with August sales of 3,120 units up 115% year-over-year.
The F-150 Lightning electric pickup recorded good sales and reservations figures. The vehicle, which was launched in April, has sold 6,842 units since its release, including 2,373 in August.
Electric vehicle sales increased 307.3% year over year for Ford in August.
Ford aims to have 2 million electric vehicles worldwide by 2026.
F Price Action: Ford shares were down 0.79% at $15.04 on Tuesday and have traded between $10.61 and $25.87 for the past 52 weeks . Ford shares are up 15% over the past year and 33% over the past five years.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The historic automobile company Ford Motor Company F has been in existence for 120 years. The company now has its sights set on growth through electric vehicles. An executive explains how important the transition is for the future of the company.
What happened: Ford launched several electric vehicle models, including new versions of its classic Mustang and F-150 brands.
The company's brand strategy could be boosted by the shift to electric vehicles, according to the company's vice president of sustainability, Bob Holycross.
Holycross said electric vehicles would jump-start the business, according to a report by Electrek.
Ford's executive also has the backing of the company's CEO, Jim Farley, and Executive Chairman, Bill Ford, who believe that electric vehicles can contribute to a "refoundation of the 'company".
Ford executives point to the recent transportation infrastructure bill and the Cut Inflation Act adding funding for electric vehicle charging infrastructure and electric vehicle charging infrastructure, respectively. incentives for electric vehicle buyers.
Holycross is seeing EV adoption rise as prices fall thanks to initiatives like the Cut Inflation Act.
Related link: Ford Q2 Earnings Highlights: Revenue and EPS Exceed, Strong EV Demand, Increased dividends, etc.
Why it matters: While some traditional automakers have struggled to onboard everyone to make the full transition to electric vehicles, it seems Ford executives are all convinced that electric vehicles are the future.
Ford CEO Farley emphasized growth with electric vehicles when he took over the C-suite in October 2020.
“Straighten automotive operations; allocate capital to Ford's strongest franchises and growth opportunities; mass-produce compelling electric vehicles unique to Ford; and build new AV businesses,” said Farley.
Electric vehicle sales for Ford in August put the company in second place in the United States, behind only longtime market leader Tesla Inc TSLA.< /p>
Ford sold 25,765 units of the Mach-e in 2022, with August sales of 3,120 units up 115% year-over-year.
The F-150 Lightning electric pickup recorded good sales and reservations figures. The vehicle, which was launched in April, has sold 6,842 units since its release, including 2,373 in August.
Electric vehicle sales increased 307.3% year over year for Ford in August.
Ford aims to have 2 million electric vehicles worldwide by 2026.
F Price Action: Ford shares were down 0.79% at $15.04 on Tuesday and have traded between $10.61 and $25.87 for the past 52 weeks . Ford shares are up 15% over the past year and 33% over the past five years.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What's Your Reaction?
