The maker of electric pickup trucks, vans and sport-utility vehicles increased its production forecast for the year, but only slightly.
The automaker said it had reached deals to acquire more battery packs in its push to produce 600,000 electric vehicles a year by the end of 2023.
The General Motors chief says efficiencies, innovations and learning from mistakes will allow her company to become a leader in electric vehicles.
Fully electric vehicles have fewer fires than gasoline-powered and hybrid cars, and their crash protection is at least equivalent.
Ford’s chief executive is about to introduce an electric F-150 pickup truck that could determine whether the automaker can survive and thrive in an industry dominated by Tesla.
The company struggled to produce vehicles in the first three months of the year, a sign that shortages could last longer than executives had hoped.
The automaker, which was created by the merger of Fiat Chrysler and Peugeot, has lagged in the fast-growing market for electric cars.
The electric car start-up cited shortages of semiconductors and other supply chain problems.
The electric vehicle maker’s stock surged after a public offering last fall but has since plunged, in part because the company failed to meet its 2021 goals.
The electric vehicle maker’s stock surged after a public offering last fall but has since plunged, in part because the company failed to meet its 2021 goals.
Ford ended the year with more revenue than General Motors for the second year in a row.
The company will make electric pickups at an existing plant and batteries at a factory built with a partner, a person with knowledge of the plan said.
The automaker also reported a big jump in revenue, to $13.8 billion from $8.8 billion a year ago, as sales of the Model Y continue to rise.
The deal could result in the sale of the struggling automaker’s Ohio factory to Foxconn. Lordstown is under federal investigation and needs more cash to mass-produce an electric pickup truck.
The recall now covers 2017-2022 models. The latest move, to add three more model years, will increase costs by $1 billion.
Ford has had to halt or slow production of highly profitable models like the F-150 pickup truck and various sport-utility vehicles.
General Motors’ push to increase E.V. spending follows an announcement by Ford that it would start making an electric version of its F-150 pickup truck this year.
Lordstown said last week that it needed to raise more money and might not survive. Now, the company’s new executive chairwoman has said “It’s a new day at Lordstown Motors.”
If it sells well, an electric version of the best-selling vehicle in the U.S. could help accelerate the move to electric vehicles.