Thursday, Oct. 24 - Ford announced that its first all-electric Mustang-inspired SUV vehicle will debut on Nov. 17.
The electric SUV nicknamed "Mach 1" will get inspiration from the iconic pony car. With a fully-charged battery, it is said to be able to cover more than 300 miles (about 482 km) of range.
Ford also partnered with Electrify America for the EV's charging station that can provide 150 kW DC fast charging. Every 10 minutes of charging will add a range of 47 miles.
An electric pivot for Ford
The Mach 1 will be Ford's first mass-produced commercial electronic vehicle. The hundred-years old auto manufacturer has taken a recent turn towards electric vehicles, with the Mach 1 being their boldest move yet.
Meanwhile, detractors of the Mach 1 also call the vehicle Mach E due to a strong negative response from fans in the United States.
The Mach 1 is rumored to cost at least $50,000 and will be available in both short-range and long-range variants. Ford's EV will also come in the rear- and all-wheel-drive configurations.
Not much is known about its appearance, but spy photos of the camouflaged test car hinted it would be roughly as large as today's Ford Edge with a sleek and sporty profile.
The big picture
In an interview with Fortune, CEO Bill Ford expressed plans to shift into electrification while using plug-in hybrids as "transitional technology." Consumers' "range anxiety," according to Ford, contributes to the challenge to convert to electric.
Production of the all-electric SUV is part of Ford's strategy to shift to electrification. In 2018, it announced the investment of $11 billion for 16 electric vehicles out of 40 for their 2018-2022 global portfolio.
Ford plans to reach a target sale of 1 million electrified vehicles in Europe by 2022. A few of the hybrid vehicles that are part of this plan were unveiled in the Frankfurt Motor Show held last September.
Following the SUV's release, Ford also plans to release an all-electric F-150 truck to the market. The truck's prototype was demonstrated to pull 10 double-decker rail cars by 1,000 feet, or a little more than 300 meters.
Staying true to its promise of partnerships with young companies, another vehicle under development was announced last April. This time, it will be a collaboration with EV startup Rivian. The project is part of a $500-million investment.
Apart from Rivian, Ford will also partner with Volkswagen in developing an EV based on Volkswagen's modular EV platform.
Competing against Tesla
Meanwhile, Tesla, the leading manufacturer of electric vehicles, is still quite ahead of its competition. For example, it is a Tesla EV that holds the current record for pulling the heaviest load, by towing a Boeing 787-9 Dreamliner for more than 1,000 feet. This feat was done by an SUV no less, which turns out to be much tougher than Ford's EV truck.
Meanwhile, Tesla continues to sell their vehicles to the biggest market in the world. The China-made Model 3 has started sales last Friday, priced at only 355,800 yuan, or about $50,310. At this price point, the Model 3 is the cheapest vehicle that Tesla is offering in the country.
Despite doubts regarding the company's long-term profitability, Tesla performed well in the previous quarter, posting record sales numbers while keeping their costs low.
Meanwhile, years of development and high investment figures have yet to produce great results for Ford.
