- Ford broadens electrification choices for customers and adjusts
its rollout of pure electric vehicles to deliver a
capital-efficient, profitable electric vehicle business, while
continuing to significantly reduce carbon emissions over time
- Ford focuses its next generation of electrified and digitally
advanced vehicles where it has competitive advantages – commercial
vans, mid-size and large pickup trucks, and long-range SUVs – and
will offer a range of electrification options designed to speed
customer adoption, including lower prices and longer ranges
- In its fully electric portfolio, Ford plans to introduce an
all-new commercial van that will begin production in 2026 in Ohio,
closely followed in 2027 by two new pickup trucks – a medium-sized
pickup based on the platform designed by Ford’s California
skunkworks team and a next-generation truck to be assembled in
Tennessee
- Ford’s new affordable electric vehicle platform marks a major
step forward in the company’s strategy to bend the cost curve on
electric vehicles, allowing the company to introduce multiple
vehicle styles for both retail and commercial customers at a faster
pace, with more personal digital customization
- Company realigns battery sourcing to be more efficient and
contribute to lower overall costs in its electric vehicle
portfolio
- Ford will provide an update on electrification, technology,
profitability and capital requirements in the first half of
2025
Ford Motor Company is taking additional actions to deliver a
profitable, capital-efficient and growing electric vehicle business
and add even more propulsion choices for customers that generate
lower CO2 emissions.
The plan includes adjusting the company’s North America vehicle
roadmap to offer a range of electrification options designed to
speed customer adoption – including lower prices and longer ranges.
In its fully electric portfolio, Ford will prioritize the
introduction of a new digitally advanced commercial van in 2026,
followed by two new advanced pickup trucks in 2027 and other future
affordable vehicles. Ford also realigned its U.S. battery sourcing
plan to reduce costs, maximize capacity utilization, and support
current and future electric vehicle production.
“We are committed to innovating in America, creating jobs and
delivering incredible new electric and hybrid vehicles that make a
real difference in CO2 reduction,” said Ford President and CEO Jim
Farley. “We learned a lot as the No. 2 U.S. electric vehicle brand
about what customers want and value, and what it takes to match the
best in the world with cost-efficient design, and we have built a
plan that gives our customers maximum choice and plays to our
strengths.”
The electric vehicle market is rapidly evolving as Chinese
competitors leverage advantaged cost structures including vertical
integration, low-cost engineering, multi-energy advanced battery
technology and digital experiences to expand their global market
share.
In addition, today’s electric vehicle consumers are more
cost-conscious than early adopters, looking to electric vehicles as
a practical way to save money on fuel and maintenance, as well as
time by charging at home. This, coupled with scores of new electric
vehicle choices hitting the market over the next 12 months and
rising compliance requirements, has amplified pricing pressures.
These dynamics underscore the necessity of a globally competitive
cost structure while being selective about customer and product
segments to ensure profitable growth and capital efficiency.
“We’re committed to creating long-term value by building a
competitive and profitable business,” said John Lawler, Ford vice
chair and chief financial officer. “With pricing and margin
compression, we’ve made the decision to adjust our product and
technology roadmap and industrial footprint to meet our goal of
reaching positive EBIT within the first 12 months of launch for all
new models.”
In addition to adjusting the cadence of product launches and
realigning battery sourcing, Ford now plans to leverage hybrid
technologies for its next three-row SUVs. As a result of this
decision, the company will take a special non-cash charge of about
$400 million for the write-down of certain product-specific
manufacturing assets for the previously planned all-electric
three-row SUVs, which Ford will no longer produce. These actions
may also result in additional expenses and cash expenditures of up
to $1.5 billion and the company will reflect those in the quarter
in which they are incurred, as a special item.
Lawler said an important enabler to improve profitability is
accelerating the mix of battery production in the U.S. that will
qualify for the Advanced Manufacturing Tax Credit. Also, given the
propulsion options, and increasing demand for hybrids, Ford’s mix
of annual capital expenditures dedicated to pure electric vehicles
will decline from about 40% to 30%.
Electric commercial vehicles
The rollout of Ford’s next generation of electric vehicles
begins with a commercial van that will be assembled at Ford’s Ohio
Assembly Plant starting in 2026.
Ford has a strong commercial electric vehicle presence, led by
E-Transit, which is America’s best-selling electric van suitable
for businesses of all sizes. Commercial customers are transitioning
more quickly to electric vehicles as they value the total cost of
ownership and the productivity benefits that electric vehicles can
provide. For them, vehicles, software and charging solutions are
tools, and they want the best tools for the job and their bottom
line, whether it is an E-Transit or an F-150 Lightning Pro.
Low-cost, highly efficient electric vehicle platform
In 2022, Ford established a skunkworks team in California
focused on changing the company’s approach to next-generation
vehicle development and bending the cost curve on electric
vehicles. The team takes a systems-integration approach across
design, engineering, supply chain and manufacturing to
fundamentally rethink the full vehicle. Managed to reduce cost and
complexity, the approach will go deeper into the supply chain and
benchmark cost against the best competitors in the world.
“We recruited the most technically skilled and creative
professionals from inside and outside Ford to drive a radical
change in how we develop an electric vehicle,” Farley said. “The
work of this highly talented team has evolved into a critical
enabler of our electric vehicle strategy. These electric vehicles
will be lower cost, and not compromised in any way.”
The first affordable vehicle off this new platform will be a
mid-sized electric pickup launching in 2027 that is expected to
cater to customers who want more for their money – more range, more
utility, more useability.
With a globally competitive electric vehicle cost structure, the
platform is designed with minimal complexity to scale quickly by
underpinning multiple vehicle styles – for both retail and
commercial customers. It is designed to deliver personalized
digital experiences that are expandable, always updating and
building on Ford’s best features, like BlueCruise and Ford Pro
Telematics. This will increase the installed base for software and
services – improving Ford’s mix of sticky, profitable revenue over
time.
Next-gen electric truck
Ford’s next-generation electric truck will build on the
company’s century-long heritage of truck leadership and the No. 1
best-selling electric truck in the U.S., the F-150 Lightning.
Ford is retiming the launch of its groundbreaking electric truck
code-named “Project T3” to the second half of 2027. Taking all the
learnings from F-150 Lightning customers, the truck will offer
features and experiences never seen on any Ford truck, including
upgraded bi-directional charging capability and advanced
aerodynamics. The truck will be assembled at BlueOval City’s
Tennessee Electric Vehicle Center.
Retiming the launch allows the company to utilize lower-cost
battery technology and take advantage of other cost breakthroughs
while the market continues to develop.
Broader electrification choices
For some commercial applications and for larger vehicles, the
battery cost of a pure electric vehicle remains challenging.
Therefore, Ford will develop a new family of electrified
three-row SUVs which will include hybrid technologies that can
offer breakthrough efficiency, performance benefits and emissions
reductions versus pure gas vehicles and extend the range of the
vehicle on road trips relative to pure electric vehicles.
In addition, the next-generation F-Series Super Duty pickup will
have a range of propulsion options, building on Ford’s hybrid truck
sales leadership with the F-150 and Maverick.
“As the global leader in pickup trucks, we are future-proofing
this valuable franchise across all sizes with hybrid, electric and
other electrified propulsion options, giving individual customers
and businesses choice based on how they use their trucks,” Farley
said.
Smart capacity utilization and localization key to achieving
cost reductions
Ford realigned battery sourcing to support both electric vehicle
and other emerging electrified vehicle applications to unlock cost
reductions, improve capital efficiency, and qualify for Inflation
Reduction Act production and consumer tax credits.
“An affordable electric vehicle starts with an affordable
battery,” Farley said. “If you are not competitive on battery cost,
you are not competitive.”
- Ford and LG Energy Solutions are targeting to move some Mustang
Mach-E battery production from Poland to Holland, Michigan, in 2025
to qualify for Inflation Reduction Act benefits.
- The BlueOval SK joint venture’s Kentucky 1 plant will
manufacture cells for the current E-Transit with enhanced range and
F-150 Lightning beginning mid-2025, delivering significant cost
improvements coming online earlier than planned.
- BlueOval SK at BlueOval City in Tennessee will produce cells
starting in late 2025 for Ford’s new electric commercial van to be
built at Ford’s Ohio Assembly Plant. Those same cells will be
sourced to later power the next-generation electric truck to be
assembled at BlueOval City and future emerging technology
electrified vehicles. This common cell strategy gives Ford
significant sourcing flexibility for manufacturing across multiple
segments and electrified platforms as the market continues to
evolve.
- Lithium iron phosphate (LFP) battery production is on track to
begin in 2026 at BlueOval Battery Park Michigan – America’s first
automaker-backed LFP battery plant – qualifying for Inflation
Reduction Act benefits and giving Ford one of the lowest-cost
battery cells in North America.
Ford will provide an update on its electrification, technology,
profitability and capital requirements in the first half of
2025.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in
Dearborn, Michigan, committed to helping build a better world,
where every person is free to move and pursue their dreams. The
company’s Ford+ plan for growth and value creation combines
existing strengths, new capabilities and always-on relationships
with customers to enrich experiences for customers and deepen their
loyalty. Ford develops and delivers innovative, must-have Ford
trucks, sport utility vehicles, commercial vans and cars and
Lincoln luxury vehicles, along with connected services. The company
does that through three customer-centered business segments: Ford
Blue, engineering iconic gas-powered and hybrid vehicles; Ford
Model e, inventing breakthrough electric vehicles along with
embedded software that defines exceptional digital experiences for
all customers; and Ford Pro, helping commercial customers transform
and expand their businesses with vehicles and services tailored to
their needs. Additionally, Ford provides financial services through
Ford Motor Credit Company. Ford employs about 175,000 people
worldwide. More information about the company and its products and
services is available at corporate.ford.com.
Cautionary Note on Forward-Looking Statements
Statements included or incorporated by reference herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on expectations, forecasts, and assumptions by
our management and involve a number of risks, uncertainties, and
other factors that could cause actual results to differ materially
from those stated, including, without limitation:
- Ford is highly dependent on its suppliers to deliver components
in accordance with Ford’s production schedule and specifications,
and a shortage of or inability to acquire key components or raw
materials, such as lithium, cobalt, nickel, graphite, and
manganese, can disrupt Ford’s production of vehicles;
- To facilitate access to the raw materials and other components
necessary for the production of electric vehicles, Ford has entered
into and may, in the future, enter into multi-year commitments to
raw material and other suppliers that subject Ford to risks
associated with lower future demand for such items as well as costs
that fluctuate and are difficult to accurately forecast;
- Ford’s long-term competitiveness depends on the successful
execution of Ford+;
- Ford’s vehicles could be affected by defects that result in
recall campaigns, increased warranty costs, or delays in new model
launches, and the time it takes to improve the quality of our
vehicles and services could continue to have an adverse effect on
our business;
- Ford may not realize the anticipated benefits of existing or
pending strategic alliances, joint ventures, acquisitions,
divestitures, or business strategies;
- Ford may not realize the anticipated benefits of restructuring
actions and such actions may cause Ford to incur significant
charges, disrupt our operations, or harm our reputation;
- Operational information systems, security systems, vehicles,
and services could be affected by cybersecurity incidents,
ransomware attacks, and other disruptions and impact Ford and Ford
Credit as well as their suppliers and dealers;
- Ford’s production, as well as Ford’s suppliers’ production,
and/or the ability to deliver products to consumers could be
disrupted by labor issues, public health issues, natural or
man-made disasters, adverse effects of climate change, financial
distress, production difficulties, capacity limitations, or other
factors;
- Failure to develop and deploy secure digital services that
appeal to customers could have a negative impact on Ford’s
business;
- Ford’s ability to maintain a competitive cost structure could
be affected by labor or other constraints;
- Ford’s ability to attract, develop, grow, and reward talent is
critical to its success and competitiveness;
- Ford’s new and existing products and digital, software, and
physical services are subject to market acceptance and face
significant competition from existing and new entrants in the
automotive and digital and software services industries, and its
reputation may be harmed if it is unable to achieve the initiatives
it has announced;
- Ford’s results are dependent on sales of larger, more
profitable vehicles, particularly in the United States;
- With a global footprint and supply chain, Ford’s results and
operations could be adversely affected by economic or geopolitical
developments, including protectionist trade policies such as
tariffs, or other events;
- Industry sales volume can be volatile and could decline if
there is a financial crisis, recession, public health emergency, or
significant geopolitical event;
- Ford may face increased price competition or a reduction in
demand for its products resulting from industry excess capacity,
currency fluctuations, competitive actions, or other factors,
particularly for electric vehicles;
- Inflationary pressure and fluctuations in commodity and energy
prices, foreign currency exchange rates, interest rates, and market
value of Ford or Ford Credit’s investments, including marketable
securities, can have a significant effect on results;
- Ford and Ford Credit’s access to debt, securitization, or
derivative markets around the world at competitive rates or in
sufficient amounts could be affected by credit rating downgrades,
market volatility, market disruption, regulatory requirements, or
other factors;
- The impact of government incentives on Ford’s business could be
significant, and Ford’s receipt of government incentives could be
subject to reduction, termination, or clawback;
- Ford Credit could experience higher-than-expected credit
losses, lower-than-anticipated residual values, or
higher-than-expected return volumes for leased vehicles;
- Economic and demographic experience for pension and OPEB plans
(e.g., discount rates or investment returns) could be worse than
Ford has assumed;
- Pension and other postretirement liabilities could adversely
affect Ford’s liquidity and financial condition;
- Ford and Ford Credit could experience unusual or significant
litigation, governmental investigations, or adverse publicity
arising out of alleged defects in products, services, perceived
environmental impacts, or otherwise;
- Ford may need to substantially modify its product plans and
facilities to comply with safety, emissions, fuel economy,
autonomous driving technology, environmental, and other
regulations;
- Ford and Ford Credit could be affected by the continued
development of more stringent privacy, data use, data protection,
and artificial intelligence laws and regulations as well as
consumers’ heightened expectations to safeguard their personal
information; and
- Ford Credit could be subject to new or increased credit
regulations, consumer protection regulations, or other
regulations.
We cannot be certain that any expectation, forecast, or
assumption made in preparing forward-looking statements will prove
accurate, or that any projection will be realized. It is to be
expected that there may be differences between projected and actual
results. Our forward-looking statements speak only as of the date
of their initial issuance, and we do not undertake any obligation
to update or revise publicly any forward-looking statement, whether
as a result of new information, future events, or otherwise. For
additional discussion, see “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023, as
updated by our subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
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