How Ford's $100 Billion EV-Driven Turnaround Is Challenging Tesla

Henry Ford once said that "if I asked people what they wanted, they would have said faster horses."

Ford is now the #2 manufacturer of electric vehicles behind Tesla. But it has greater financial resources, a broader customer base and a reputation for delivering on demand - like for the electric version of its F-150 truck which has generated such great interest it will take two years to satisfy. Tesla may have captured early public attention but in the long run competition for competition, has a fight on its hands. JL   

The Hustle reports:

Ford passed the $100B mark for the 1st time. Somewhat ironically, it did so by listening to what the market wants: electric vehicles (EVs). Ford's stock price is up 146% over the past year, outpacing its main US competitors: Tesla gained 22%, GM is up 20%. The global chip shortage has hampered all automakers, but Ford managed well in Q4 2021: It sold 508k vehicles, a 27% increase vs. a 3% decline for the entire industry. Ford is now the US' #2 EV carmaker. Due to significant consumer interest, Ford will make 150k F-150 electric trucks a year at a Michigan plant (~4x its initial output estimate).

Ford’s EV progress pushes the carmaker past $100B

One of corporate America’s favorite quotes is from Henry Ford, who founded Ford Motor Company in 1903. Speaking about his product development process, Ford said, “If I had asked people what they wanted, they would have said faster horses.” Yesterday, Ford passed the $100B mark for the 1st time, per CNBC. Somewhat ironically, it did so by listening to what the market wants: electric vehicles (EVs). Ford’s stock price is up 146% over the past year And it has outpaced its main US competitors: Tesla gained 22% (market cap = $1T+) General Motors (GM) is up 20% (~$90B) The global chip shortage has hampered all automakers, but Ford managed well in Q4 2021: It sold 508k vehicles, a 27% quarter-on-quarter (QoQ) increase vs. a 3% decline for the entire industry. More importantly for its long-term prospects… … Ford is now America’s No. 2 EV maker It shipped 27k+ Mustang Mach-E vehicles in 2021, passing the 24k+  Chevy Bolts and Hummer EVs that GM sold. While both companies lag far behind Tesla — which sold ~1m EVs — Ford has one giant rabbit to pull out of its carmaking hat. Since 1981, the bestselling car in America is the Ford F-150 pickup truck. Every single year. Demand for Ford’s electric F-150 Lightning is huge Due to significant consumer interest, Ford announced it will make 150k of the trucks a year by 2023 at a Michigan plant (~4x its initial output estimate). The company’s turnaround has happened under CEO Jim Farley, who took over the top spot in October 2020. If Ford keeps trending up, we’d love to hear this quote from Farley: “If I had asked people what they wanted, they would have said electric F-150s… and we delivered.”