"When there is new technology, it takes a while and it's a tipping point," says CEO Jim Hackett to investors during the automaker's annual shareholder meeting Thursday. "When that happens, you'll be there."
Investors Need While the company's shares have risen by more than 33% so far this year, they are still down by nearly 8% over the past 12 months, with the sale of their first generation EV, like Ford Focus Electric, being modest at best. Investors believe that more buyers will plug in. Business data shows that one in five younger buyers will consider buying an electric vehicle at a time.
A study released by AAA on Thursday found that 1
Ford is obviously not alone.
Two of Europe's most powerful automakers, Volkswagen and Mercedes-Benz parents Daimler AG, launched the sale of their first battery-electric vehicle this week. VW said it took about 10,000 pre-orders for the new ID.3 junction during the first day, although the vehicle did not arrive at showrooms until next year. VW AG CEO Herbert Diess said last year that the company is running $ 10 billion through 2023 for electrification. He also reported the number of battery-powered vehicles VW expects to sell by 2029 from 15 million to 22 million.
Japan-based Toyota plans to bring more than 10 EV to the market over the next six years, with the intention of selling about 5.5 million battery-electric vehicles by 2030. Renault-Nissan-Mitsubishi Alliance – which launched the world's first BEV , Nissan Leaf, in 2010, does a similar push.
Ford was an early proponent of electrification, rushing to market with a mix of conventional hybrids, plug-in hybrids and first-generation battery-powered vehicles, such as Focus Electric. But a number of factors, including limited range and high sticker prices, limited demand. The car manufacturer hesitated shortly before he strengthened his efforts. But since Hackett replaced former CEO Mark Fields in a boarding up two years ago this month, he has commissioned major new commitments to Ford's electrification, autonomous driving and mobility measures – including a Mustang-inspired crossover vehicle that generates all sorts of buzz.