Ford (F) now expects to hit a 600,000 EV production run rate in 2024

Today, Ford (F) announced that it expects to reach a 600,000 EV production rate as the company ultimately aims to ramp up to a 2 million run rate. This news came as the company reported its Q2 2023 earnings.

Regarding its expected 600,000 EV production rate, the company had this to say:

Revenue from Ford Model e’s first-generation electric vehicles increased 39% in the second quarter; sequentially, revenue more doubled. “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Farley said. “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.” Farley said that Ford now expects to reach a 600,000-unit EV production run rate during 2024 and will maintain flexibility, balancing growth and profitability, on the way to attaining a two million run rate.

It will be interesting to follow Ford as they continue to strive for their 2 million EV run rate. The company hasn’t given a target date for that number, so continued quarterly growth in EV production will be key. You can follow that journey right here on Shacknews via our Electric Vehicle and Ford topics.