Ford plans to double EV manufacturing capacity by 2023

In Ford‘s fourth-quarter and full-year operating results for 2021, the company says it has established itself as a “leader in must-have connected, electric vehicles.”

“Financial performance is obviously critical,” said President and CEO Jim Farley. “We’re also proud that customers see how Ford is taking EVs mainstream, and have already ordered or reserved more than 275,000 all-electric Mustang Mach-E SUVs, F-150 Lightning pickups and E-Transit commercial vehicles – and we’re breaking constraints to deliver every one of them as fast as we can.”

Customers made Ford the No. 2 seller of electric vehicles in the U.S. in 2021, what Farley called “an important early step toward eventually being the true EV leader.” Earlier, he said that the company will double worldwide EV manufacturing capacity to at least 600,000 by 2023 – and for fully electric vehicles to represent at least 40% of its product mix by 2030.

Ford’s business in North America illustrates how the company is winning customers and reaping benefits from, according to Farley, “without question, the most exceptional product lineup I’ve seen in my 30-plus years in this industry.”

In Q4, demand for Bronco and Maverick, along with Mustang Mach-E and Bronco Sport, contributed to a two-point U.S. share gain, to 15%, making Ford the country’s top-selling automaker.

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).