Ford plans to build its own version of a long-range electric car that would match Tesla's Model 3 and Chevrolet's Bolt. Ford will launch its own version of an electric car that can go 200 miles or more between charge and at the $35,000 price range.
The increasing demand for electric cars is drawing the attention of mainstream car makers. Ford Motor Company has reportedly expressed its interest in boosting its presence in the electric car segment with its plan of introducing a long-range electric car that would be competitive with the forthcoming long-range electric car models from Tesla and General Motors. According to ExtremeTech, Ford's long-range electric car will likely be called the Model E.
"We want to make sure that we're either among the leaders or in a leadership position," Ford CEO Mark Fields explains during a conference call on Thursday. "When you look at some of the competitors and what they've announced, clearly, that's something we're developing for," he added.
At present, Ford's lineup of electric car is limited. Back in late 2011, Ford released its first full production of electric car, the Ford Focus Electric. This fall, the Ford Focus EV will have its range extended from 76 miles to 100 miles. Ford is not likely to slow down in the electric car segment as it plans to invest $4.5 billion in electric car solutions by the year 2020.
Fields statement clearly shows the company is ready to step up the competition in the electric car market. Reports of Ford's plan in electric vehicle boosts its shares on a day when it posted a record $2.5 billion net income in the first quarter, exceeding analyst's predictions. The stock was up as well.
Ford's plan to build its own version of a long-range electric car at the $35,000 price range will set the stage for a more competitive electric car market. Fields didn't give information as to when Ford would begin producing the Model E. However, following Ford's timing, it is expected to happen in the next 2-3 years to give Chevrolet Bolt, Tesla Model 3, the longer-range Nissan Leaf a run for their money.
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