RIYADH: American automobile manufacturer Ford Motor aims to produce over two million electric vehicles, or EVs, per year and generate 10 percent operating profit by 2026, CNBC reported.
The two targets would pose as substantial increases from the firm’s current operations.
The car maker like its rivals, is trying to raise output in order to boost the adoption of EVs as the sector continues to evolve and develop.
Ford stated it was trying to stay ahead of the curve, not just keep up with its competitors.
“We want to beat the old players, we want to beat the new players,” CNBC reported, citing Ford CEO Jim Farley.
As for the 10 percent margin, the car manufacturer expects to meet it by cutting $3 billion from its structural costs while boosting sales volumes and lowering costs for materials needed for EV production.
Ford’s goals similarly reflect its competitor General Motors' aims to double annual revenue, expand margins to 12 to 14 percent by 2030, and produce two million EVs in North America and China by 2025.
