Ford COO Says Brand Will Spend More on EVs Than on ICE Cars By 2023


When Ford announced it would go 100% electric by 2030 in Europe, it may have seemed these electrification plans were geographically limited. In May, Kumar Galhotra said he could see a point in which all Ford vehicles would be EVs, but he did not set a date. Lisa Drake gave us a clue about that. In a chat with Barclays autos analyst Brian Johnson, Ford’s COO said the company would already spend more on EVs than ICE cars by 2023.

That means that the company is already cutting investments in combustion-engined vehicles. The ones that are still ongoing will probably be concluded soon. Some of the most crucial ones, such as those involving the F-150, will be maintained, but they will soon not be enough to beat those in new electric vehicle projects. We’re talking about just two years.

Ford has good reasons to do that. It already has over 120,000 pre-orders for the F-150 Lightning, and it is “over the moon” with the Mustang Mach-E success. That has probably made the company see that it can do pretty well in that market. In fact, Drake is pretty confident that it can lead in the EV space as much as it has done that with ICE vehicles, thanks to the F-150. The best-selling vehicle in the world would be key for Ford to do well selling any of these types of cars.

Drake even sent a message to Tesla: Ford is not planning to “cede truck leadership to anybody.” In other words, it does not care if the EV competitor has more than a million reservations for the Cybertruck. That only means something when you can deliver that many vehicles, and Tesla is still waiting for the 4680 cells to be viable. Without it, Giga Austin and Giga Grünheide could be ready and with all legal permits to start working: they would still be idle. All future Tesla products depend on this component.

Source: Automotive News