Ford Motor Company (NYSE: F) is developing hybrid and electric versions of its F-150 pickup. The more fuel-efficient F-Series truck will come with more towing and off-road power than classic gasoline and diesel trucks. Ford’s F-150 has been America’s best-selling truck for over 40 consecutive years. Release dates for the hybrid and electric vehicles are still unknown.
The Company is looking to ride the wave of electric car demand. Ford revealed details of a hybrid version of its new 2020 Explorer SUV at the Detroit Auto Show earlier this week.
President, CEO and Director, James P. Hackett, spoke on the development of a Mustang-inspired electric vehicle. “Further building on that, we’ll be launching in our utility portfolio an all-new Mustang-inspired battery electric performance utility. It goes on sale next year. And trust us, it’s a rocket ship. This exciting BEV will be available around the world. It will offer a 300-mile range and fast charging,” he said at the Deutche Bank Global Auto Industry Conference.
The Ford CEO also revealed plans for an electric and hybrid version of the Transit. “Transit is the world’s best-selling van just – and if you close your eyes and think about this business, including JMC our partners, think about this business. Let’s look at the numbers. Our truck and van business would be a Fortune 40 company with over $70 billion of revenue by itself, 2.5 million units of volume, a $10 billion EBIT, a margin of 14% and ROIC of almost 40%,” he said.
Ford Motor Company will announce fourth quarter earnings on January 23rd.