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Ford CEO: We Would Be Challenging Tesla If We Had Full Production Today

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Jim Farley, CEO of Ford Motor Company (NYSE:F) made a comment during the company’s Q4 earnings report that highlighted Tesla Inc (NASDAQ:TSLA)’s position in the electric vehicle (EV) industry. Ford has seen success galore in its transition to electric mobility with models such as the F-150 Lightning and by reaching a record $100 billion in market cap.

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Building On A Rivalry

During Ford’s earnings report for the fourth quarter, CEO Jim Farley made a statement that depicts how the perception of Tesla as a volume EV manufacturer has changed in the industry.

Farley said: “We are well on our way to achieving at least a 40% mix of BEVs by 2030, with strong margins and equal to our higher market share in the key high-profit, high-volume segments we compete.”

“For example, the F-150 Lightning, if we had full production today to meet our current demand, we would rival the Model Y as the leading BEV nameplate in the U.S. market,” he added.

The comment underlines how Tesla used to be struggling to be taken seriously as a volume EV manufacturer, and how it has become the pinnacle in the industry.

Playing Catch-Up

Despite Tesla having a torrid 2021 due to the chip crisis, the automaker managed to reach an annualized production rate of more than 1 million units in the last quarter.

Meanwhile, “Ford just had to shut down production lines for its Mustang Mach E, its only consumer all-electric vehicle right now, due to supply chain issues,” as reported by Electreck.

However, the legacy manufacturer is going all-in to catch up with its rival and it is aiming at ramping up production of EVs to 600,000 units by the end of 2022.

“The demand is so much higher than we expected. It’s a really new experience for this big company, trying to be agile. We had to approach it very differently than we’ve done capacity planning,” Farley said in November.

Ford and Tesla are part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families.