Ford Motor Company held its Capital Markets Day 2023 event on Monday to present investors with its electric vehicle plans for the coming years, as well as deals with traction battery lithium suppliers to make those plans a reality. The company aims to start producing 2 million electric vehicles per year from 2026.
In 2025, Ford will introduce a next-generation platform designed to optimize EV production costs across all segments and will offer advanced technologies and software, including a third tier of autonomous driving.
The first vehicle based on this platform will be a three-row sport utility vehicle with a range of 350 miles (563 km) inspired by the popular Expedition SUV. There are still a few details about the new product. It is reported that the size of its battery will be three times smaller than the current one, and that it will support fast charging – 10 minutes of charging is enough for 150 miles (about 241 km).
The new model aims to close the gap with Tesla, which still dominates the US electric vehicle market. It will complement Ford’s electric vehicle portfolio, which includes the electric Ford Explorer delivered to Europe, as well as the Mustang Mach-E, F-150 Lightning and E-Transit van.
The company is also developing a new electric truck, codenamed T3, which will be assembled at the BlueOval City plant under construction in West Tennessee, USA, with a production capacity of 500,000 electric vehicles per year.
Next generation Ford electric vehicles will use lithium iron phosphate (LiFePO) batteries4) that last longer, charge faster and are cheaper than batteries currently in use.
Ford announced deals with major lithium suppliers at the event, including Albermarle, SQM and Nemaska Lithium. Specifically, Albermarle will supply Ford with more than 100,000 tonnes of lithium for approximately 3 million of the automaker’s future electric vehicles under a five-year contract. Canadian mining company Nemaska Lithium will supply Ford with up to 13,000 tons of lithium hydroxide annually for 11 years.