Ford plans to become the world’s second largest electric car manufacturer within two years

© Reuters. File photo: An employee of Ford Motor Company announced on February 17, 2021 that he would start working after building the electric car of the future in Cologne, Germany.Oliver Berg/Reuters

Paul Lenat

(Reuters)-Ford Motor (NYSE:) is expected to become the world’s second largest electric car manufacturer within two years, with an annual production capacity of nearly 600,000 vehicles, an executive of the company said on Friday.

Lisa Drake, chief operating officer of Ford North America, said the automaker’s optimism stems from increasing demand for its next new electric car, the Ford F-150 Lightning pickup, with retail bookings approaching 200,000. Vehicles.

Reuters reported on Wednesday that, according to production forecast data provided by AutoForecast Solutions, by 2025, Ford may compete with Stellattis for third place in the electric car race, second only to Tesla (NASDAQ:) and Volkswagen (DE:) group.

In his speech at the investor conference, Drake said that Ford is working to vertically integrate more electric vehicle components, including power electronics and electronic drives, in existing facilities that manufacture parts for internal combustion engines. A modern interpretation of founder Henry Ford’s pioneering work in building many of his auto parts. Own components.

“We haven’t used’vertical integration’ in this industry for a long time,” Drake said, but as Ford and other automakers switch from combustion cars to electric cars, “you will hear more.”

She said that Ford is cooperating with five global battery suppliers to manufacture and help develop batteries for its future electric vehicles. The goal is to establish a global production capacity of 240 GWh by 2030. These suppliers include SK On, LG Energy Solution, CATL, BYD and Panasonic (OTC:).

Drake said that Ford expects to reduce the cost of battery pack-level EV batteries to $80 per kilowatt-hour “by the end of this decade.”

The automaker is studying different battery chemistries, including cobalt-free lithium iron phosphate and battery-on-battery structure batteries to help reduce costs.

Ford and BMW are working with Colorado-based startup Solid Power to develop solid-state batteries. Drake said that this battery should be commercialized “before the end of the century.”

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