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Ford Unveils New Artillery Against Tesla and GM

There will be a new generation of Mustang Coupes built by Ford Motor Company, the company said on June 2.

After announcing plans to recruit additional workers, develop its facilities, and deliver a new electric commercial vehicle on June 2, Ford unveiled the newest iteration of the Pony Car.

‘We’re Changing Our Business’

Ford has revealed that manufacturing would begin in mid-decade at an existing Ohio factory. According to Ford, this is likely to draw the attention of Tesla (TSLA) and other manufacturers that are eager to get their hands on some of the action.

More than 74,000 jobs are expected to be created due to Ford’s $3.7 billion investment in new plants in Michigan, Ohio, and Missouri, most of which will be devoted to electric vehicles.

The business plans to convert its manufacturing facilities to produce the new commercial electric vehicle, as well as new versions of the gas-powered Mustang and Ranger.

It was stated that Ford and the UAW would work together to create 6,200 new full-time manufacturing jobs in the Midwest and also provide full-time health insurance for all hourly employees.

As Ford’s president and CEO, Jim Farley, stated, “We are leading the way and moving swiftly to make changes to benefits for our hourly workers and working conditions for our production team” in preparation for the next phase of American manufacturing.

Before the announcement in March, Ford said it would spend $50 billion over the next five years on new electric vehicle projects. Early this year, the firm announced that it would divide its activities into two distinct but complementary divisions, one for electric vehicles (EVs) and the other for gasoline-powered vehicles (ICEs).

Units such as Ford Model E and Ford Blue will continue to be part of the parent company. Ford Model E will produce two million electric cars per year before the end of 2026, and the investments will boost Ford Blue’s renowned gas-powered vehicle line-up.

On a Dime

Ford has announced plans to hire more workers in Michigan and Missouri to increase manufacturing of the F-150 Lightning, as well as the Transit and all-electric E-Transit vans.

In May, Ford’s sales of electric cars were 6,254, increasing 222 percent over last year, while the broader U.S. electric vehicle category grew almost four times as fast as Ford’s sales.

According to Ford, sales of the Mustang Mach-E increased by 166 percent in September. There have been 874 sales of E-Transit vans in the first month of the year, while the F-150 Lightning saw its first customer sales in May.

Ford has pledged to spend $1 billion over the next five years to enhance the working environment for its manufacturing workers.

It’s possible that Ford’s efforts to meet its workers’ demands, including greater access to nutritious food, additional EV chargers in factory parking lots, and improved lighting, have been prompted by negotiations with the UAW.

The post Ford Unveils New Artillery Against Tesla and GM appeared first on Best Stocks.

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