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Ford reveals plans to ramp up EV production and boost profits

Ford's CEO, Jim Farley, started the day by discussing the company's growth plans for its gas-powered fleet and electric business units. 

On May 22, Ford presented its case to Wall Street at an investor event by outlining its plan to build millions of EVs while expanding its traditional operations. 

Ford’s CEO, Jim Farley, started the day by discussing the company’s growth plans for its gas-powered fleet and electric business units. 

The automaker claimed it’s maintaining its 2023 guidance of between $9 and $11 billion in adjusted EBIT and roughly $6 billion in adjusted free cash flow. Ford also revealed a series of new deals for the supply of lithium products in support of its plan to ramp up EV production drastically.

Growth plans

Ford said its EV operation’s loss widened to $722 million for the first quarter from $380 million a year earlier. The company’s ICE division, Ford Blue, earned $2.6 billion, and the automaker’s fleet operations reported $1.4 billion in earnings. 

Kumar Galhotra, president of operations, explained that “Demand continues to outstrip capacity for our key [internal combustion] vehicles,” Galhotra said. “In the next 10 months, Ford Blue will increase its capacity by over 160,000 units.”

Doug Field, chief advanced product development and technology officer, suggests the company’s next generation of EVs, which are scheduled to go into production in 2025, will need to be more efficient.

For example, the automaker may need to utilize the company’s BlueCruise hands-free technology, which will be a push toward software and subscription revenue models. 

“As we develop our next-generation platforms,” Field stated, “We aim to deliver BlueCruise to as many customers as possible.” He adds, “Everything changes when you can take your eyes off the road.”

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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