DETROIT—Ford Motor Co. will offer battery-electric versions of its F-150 pickup and Transit van by mid-2022, Chief Operating Officer Jim Farley said.
It's the most detailed timeline yet for the company's electric vehicle plans and comes as Ford faces increasing competition in the EV space. The auto maker previously said only that the Transit EV would be a 2022 model year vehicle and that the F-150 EV would be available in "the next couple years."
Both products are key to Ford's strategy of increasing its focus on high-margin, commercial vehicles. They face challengers on all sides, including electric startups such as Rivian and Bollinger Motors as well as traditional rivals such as General Motors, which is planning its own electric van, according to Reuters.
"With our knowledge and know-how, I like our chances against all comers as we go all-electric," Farley said at the Deutsche Bank 2020 Global Auto Industry Conference.
Farley and Ford CEO Jim Hackett used their conference presentation to highlight Ford's business strategy and update wary investors as it emerges from the COVID-19 pandemic.
Wall Street, in recent days, has continued to place high value on EV makers. Tesla Inc. stock has continued to soar, despite CEO Elon Musk recently signaling trouble ramping up Model Y production. And Nikola Corp., an aspiring EV commercial truck maker, now has a higher market cap than Ford despite producing no revenue.
"I see opportunity for Ford," Farley said on CNBC when asked about Nikola's market cap.
Production, sales updates
Farley said in the three weeks since Ford resumed North America production on May 18, the auto maker has hit roughly 96 percent of its planned volume. It's in the process of adding shifts and overtime at plants around the country and expects to be at pre-coronavirus patterns by July 6.
Ford has said it expects to lose $5 billion in the second quarter because of the pandemic.