Artillery vehicle

Ford unleashes its heavy artillery against Tesla and GM

And now comes the seventh generation…

Ford Motor Co. (F) – Get Ford Motor Company report said on June 2 that it plans to build the next generation of the Mustang Coupe, the iconic vehicle that hit the road in 1964 and has gone on.

The latest version of the Pony Car is one of many announcements Ford made on June 2, as the automaker seeks to hire more people, expand its facilities and introduce a new electric utility vehicle.

“Transforming our business”

Ford didn’t go into specifics about the new electric vehicle, other than to say that production will begin mid-decade at an existing plant in Ohio, but the news is sure to draw attention. attention from Tesla. (TSLA) – Get the Tesla Inc report and other automakers seeking a piece of that stock.

Ford said it would invest $3.7 billion in new facilities in Michigan, Ohio and Missouri, most focused on electric vehicles, while creating about 74,000 direct and indirect new jobs.

The company will adapt factories to build the new commercial electric vehicle and new gasoline-powered Mustang and Ranger versions.

The company and United Auto Workers announced plans to add more than 6,200 new U.S. manufacturing jobs in the Midwest, convert nearly 3,000 temporary UAW-Ford workers to permanent full-time workers, and provide all hourly employees with health care benefits on the first day of employment.

“Transforming our business for the next era of American manufacturing requires new ways of working, and with the leadership of the UAW, we are leading the way and moving quickly to improve the benefits of our hourly employees and the working conditions of our factory team,” Ford Chairman and CEO Jim Farley said in a statement.

The spending is part of Ford’s previously announced $50 billion in new investments in electric vehicles, spread over the next five years, which were unveiled in March.

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The company announced earlier this year that it would reorganize its operations into two separate but complementary divisions, one for its electric vehicles and the other for its internal combustion engine (ICE) or gasoline-powered cars.

The units – Ford Model e for EVs and Ford Blue for traditional cars – will still be part of the parent.

The investments are intended to support Ford’s plan to produce two million electric vehicles a year by the end of 2026 through Ford Model e while bolstering the company’s Ford Blue portfolio of iconic gasoline-powered vehicles.

light this up

Ford said it was adding jobs to boost production of the F-150 Lightning in Michigan, as well as the all-electric Transit and E-Transit minivans in Missouri.

Separately, Ford said battery electric vehicle sales totaled 6,254 in May, up 222% from a year ago, while growing almost 4 times faster than the entire vehicle segment. electricity in the United States in May.

The Mustang Mach-E set a new monthly sales record, Ford said, with sales up 166% from a year ago. E-Transit sales recorded their best monthly results since its launch earlier this year with 874 vans sold, while the F-150 Lightning recorded its first customer sales at the end of May.

On the jobs front, Ford said it plans to invest $1 billion over the next five years to continuously improve the work experience for manufacturing employees.

Following discussions with the UAW, Ford is taking steps to identify and address key employee wants and needs, which could include greater access to healthy food, new electric vehicle chargers in parking lots across the factory, better lighting in parking lots and more.

Ford said the latest announcement is in addition to some 11,000 new jobs the company announced in September with partner SK On as part of a joint $11.4 billion investment to create BlueOval City. in Stanton, Tennessee, and BlueOval SK Battery Park in Glendale. , Ky.