Ford is a multinational automobile manufacturing company headquartered in Dearborn, Michigan. The company sells vehicles and parts under the Ford brand and luxury vehicles under the Lincoln brand. It also owns smaller automotive brands, including Aston Martin and Land Rover. In this post, we will talk about recent news and events happening in the world of Ford Motor Company, its subsidiaries, and its products.
Ford will invest $11 billion in electric cars by introducing 40 new models by 2022. In a statement, Ford CEO Jim Hackett stated that the world is changing quickly, and Ford needs to change. "Our time of standing still or falling behind will be at an end," he said. So why electric cars? The answer is that consumers are demanding for them, especially for luxury brands like Ford and its Lincoln and Mercury subsidiary. These cars will be from Ford's luxury Lincoln brand or mainstream models like the Taurus, Focus, Mustang, and F-150.
An electric vehicle has many benefits: zero emissions, low operating costs, and a responsive driving experience. Ford plans to have 40% of its global nameplates electrified soon. The carmaker focuses on cars with "lighter materials, innovative manufacturing techniques and all-new experiences inside and out." In a recent statement, the company said that 50% of its nameplates would have a hybrid or fully electric option by 2020.
By 2021, the company had already invested $4 billion in electrified vehicles. Incremental production of hybrid and pure electric vehicles, initial sales of the all-new battery-electric SUV, the Lincoln Nautilus, and parts for the all-new electrified Fiesta sport wagon is included in this spending spree.
Ford has also been producing its own electric car, the Ford Power Efficient Hybrid, which will continue to build after 2020. By 2024, the company aims to have one hundred hybrid and all-electric vehicles on the road each day. They will also introduce their range of batteries, powertrains, and other electrified parts.
Ford is also investing heavily in autonomous vehicles and ride-sharing services. The company aimed to have an autonomous vehicle available for consumers by 2021, which comes from Ford's $4.5 billion previously earmarked for the development of self-driving technology. Ford executive chairman Bill Ford stated that having an autonomous vehicle available to consumers by 2021 is "a goal we're going after aggressively.
Ford has achieved major success in its operations. The company reported a record $10.5 billion profit in the second quarter of 2018, while Ford's stock price has increased by more than 80% since the beginning of 2017. In addition, Ford also announced that it would increase its dividend to shareholders by 10 cents to 40 cents per share. This is the first time Ford has boosted its dividend since taking it private two years ago. They will also increase their share buyback program to $7 billion. The company's chief financial officer, Bob Shanks, stated that Ford's recent and future results prove that its plan is working and that they have been "absolutely committed to the turnaround."
Ford Motor Company's subsidiaries include Ford Motor Company of Canada and Lincoln Motor Company.
In October 2018, Ford Canada and German carmaker Volkswagen announced that they had expanded their partnership so that both companies could integrate their self-driving vehicles. This will allow them to work together to make a fully self-driving vehicle for the future. Ford already works with Volkswagen Group to develop its driverless vehicles, which will help them further achieve this goal.
We also have a close look at the all-new Lincoln Continental.
In conclusion, Ford's management and investors are staring at a bright future for the company.
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