Zack’s analyst has highlighted Ford Motor Company’s (NYSE:F) third-quarter results. The analyst mentioned Ford’s decision to invest $900 million in renovating its Thailand manufacturing facilities.
This investment is the largest Ford has put in the country, totaling Ford’s investment to its $3.4 billion over the last 25 years. Ford will use $400 million of the funds on its supply chain network. The rest will go towards new systems and technology.
The Ford Mustang Match-E has set world records
Setting three Guinness World Records, the new Ford’s electric vehicle Ford Mustang Match-E cements Ford as a revolutionary in the industry.
The records set include efficiency, the number of charge stops, and overall charge time. The Mustang Match-E utilized the contended range version with its 88KWH battery.
Tim Nicklin, Ford’s UK electrification manager, stated the new brand would be a game-changer on Britain’s longest routes.
The company has high hopes of eventually topping Tesla Inc (NASDAQ: TSLA) in the U.S’s electric industry. However, the company plans to overtake General Motors Company (NYSE: GM) before doing so.
Tesla is currently the global leader in the electric vehicle market. The company also controls at least two-thirds of this year that is according to Automotive’s report. Experts believe that Ford and General Motors are unlikely to beat Tesla by 2025 due to their low production capacity and an oncoming battery shortage.
Electric vehicle companies are trying to find alternative sources of fuel
Ford has developed a stereotype because of its recalls, dependents, and reliability factors. The electric vehicle industry is a relatively new field, so it’s unlikely that Ford will master this sector on its own.
Companies such as Honda Motors Co Ltd (NYSE: HMC) and Tesla are searching for an alternative fuel source. The search creates competition for Ford, as it not only has to find a solution but stay ahead.
There are various things that manufactures are figuring out about the electric engines that are sufficient enough. Currently, the global market for alternative fuel is $330.45 billion. The figure was $293.45 in 2020. Analysts believe that it will grow to $1681.80 by 2028.