Ford is targeting a two-fold increase in electric vehicle (EV) production as the Volkswagen Group’s Porsche premium performance brand has told potential investors it will ramp-up its profits from zero-emissions models.

US carmaker Ford has revealed a plan to grow its global EV production run rate from 600,000 units next year to two million by 2026 while adding new lithium iron phosphate cells to its Mustang Mach-E and F-150 Lightning pick-up in a move that will reduce material costs by 10 to 15%.

Ford said that its 2023 EV volume would comprise of 270,000 Mustang Mach-Es for North America, Europe and China; 150,000 F-150 Lightnings for North America; 150,000 Transit EVs for North America and Europe; and 30,000 units of a new SUV for Europe.

It plans to invest over $50 billion (£41.9bn) on EVs between now and 2026 as it targets adjusted earnings before interest and taxes margins of 10%, with 8% margins for EVs.

Ford’s EV focus