Even after such a tough year with the pandemic causing financial obstacles worldwide Ford has received good financial results. It is now looking to produce electric and autonomous driving vehicles which are the future of cars.
Ford has recently produced its first EV called the Mustang Mach E. The company has decided to invest $29 billion in AVs and EVs. Though this is a big step Ford’s competitors are far ahead in the production of AVs and EVs as they started earlier. The bestselling EV in China is produced by General Motors (GM) that has made a statement about the production and selling of only emissions-free vehicles by 2035.
Jim Farley, the CEO of Ford, said, that they noticed one out of ten vehicles sold in Europe in December be pure electric. EV sales in China continued to grow, and the reality is that customers, including in the US, are increasingly giving e-mobility greater consideration. So, Ford has no intention to cede ground to others.
The company has borne a loss of $2.8 billion in the last quarter on special items which was $1.7 billion last year. The number of vehicles sold dropped 22% in 2019 as a result of which the revenue fell 18% to $127 billion. But the company hopes to have an income of $900 million after an investment in electric truck producer Rivian in 2021.
Ford also mentioned on Thursday the significance of two gasoline-powered vehicles for profits in the year 2021 apart from the advertisement of Mach E. Those two vehicles will be the latest version of the F-150 pickup and the Bronco SUV.