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All eyes are anxiously glued on Ford, as they plan to launch the electric SUV “Mustang-inspired” on November 17.
Nearly a year and a half ago, Ford embarked on a mission to invent its first peek of a Mustang-inspired electric. And after several attempts, it’s now prepared to show the globe what “Mustang-inspired” actually entails.
The company announced that it would launch the electric SUV on 17th November just before the LA Auto Show.
By now, little is known regarding the electric SUV that’s hitting the market year. Besides issuing frequent hints or teaser images. The latest launched webpage that offers crucial information like how the automaker, Ford is expecting an EPA projected coverage of at least 300 miles. However, the price, specs, and appearance will remain unknown until the official launch date, November 17.
But so far, what’s in the public domain is that the company’s future, and perhaps its CEO, is linked to the achievement of this transformation to electrification. Although the Mustang-inspired SUV might not be the foundation of this master plan, an F150 perhaps deserves that recognition.
How Profitable is Electric-car Business?
Over the years, the automaker firm has continuously supported hybrid technology. In 2016, Bill Ford, the company chairman mentioned at a Fortune ceremony that he observed plug-in hybrids as a revolutionary technology
Many things have changed despite hybrids remaining part of the plan. But in the past one and half months, the company has mainly focused on the production and development of all-electric cars.
Last year, Ford indicated that it was planning to invest a whopping $11 billion to include 16 all-electric cars within its international portfolio of existing 40 electrified cars via 2022.
The automaker disclosed in September at the Frankfurt Motor Show that it had different hybrid cars as part of its ambitious strategy to attain 1 million sales of electrified cars in Europe by the closure of 2022.
The company also invested in Rivian, an electric vehicle startup, and closed a deal with Volkswagen that involves multiple areas like autonomy through an investment by VW in Argo AI. Another one includes partnerships in the design of electric cars. Volkswagen’s MEB platform will provide a conducive environment to manufacture “at least a single” fully electric vehicle for the European market that`s meant to be made and sold commercially.
Tesla’s Struggling Journey to Profit
The news also catalyzed the stock cross $300 for the first time since 1st March and overtakes General Motors as the wealthiest vehicle company in the U.S. During the period, Tesla’s stock suffered a significant set back after Ford Motor invested a whopping $500 M in an electric-car start-up, Rivian, which is primarily observed as a potential rival to Tesla.
But now, Tesla stocks have regained its old fame after it reported $6.3B in its Q3 revenue and $1.86B in adjusted earning per share. The company has spiked over 20% after Tesla revealed the impressive gains and claimed it was ahead of the master plan with a new factory in Shanghai, China.
As for Ford Motor Company stock, yesterday before the closing it was trading at around $8.60 showing a 6.62% decline.