Cars and Drivers

Ford Swings for the Fences With New EV Plan

gopixa / iStock Editorial via Getty Images

24/7 Insights

  • Ford Motor Co. (NYSE: F) will allow all its dealers to sell electric vehicles.

After years of effort to develop a successful electric vehicle (EV) sales plan and a forecast $30 billion investment, Ford Motor Co. (NYSE: F) has made a decision that could improve its chances of success. EVs will be available at all of its 2,800 dealers. Its earlier Ford Model e EV program required dealers to pay between $500,000 and $1.2 million to prepare their facilities to sell EVs. About 50% of Ford’s dealers signed up.

Ford’s new program gives it a large new advantage. Management said opening 100% of its network means over 90% of Americans will live within 25 miles of a Ford dealership that can sell and service EVs.

Ford’s early efforts at EV sales failed, particularly the sales of its flagship products, the F-150 Lightning and Mustang Mach-E. That has changed recently. Its EV sales rose 64.7% in May to 8,966. Mustang Mach-E sales rose 45.9% in the month to 4,255. Lightning sales rose 91% to 3,260. On a raw number basis, that is well short of Tesla sales, but it shows significant progress.

Ford will still have to contend with challenges to all EV sales. Some people think they are too expensive. Others worry about charging time or about the number of charging stations.

Ford must move on to its next challenge. It must restart its massive efforts to develop, produce, and market EVs, and it will need a much more extensive lineup of models. It has new leverage and a chance to use it.

See the Top 10 EV Brands Right Now

ALERT: Take This Retirement Quiz Now  (Sponsored)

Take the quiz below to get matched with a financial advisor today.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Take the retirement quiz right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.