(MT Newswires) -- Ford CFO John Lawler says the company is preparing an affordable electric vehicle (EV), priced at around $11,000, for launch in a few years' time.
 
Although demand for EVs is currently below initial projections, Lawler expresses confidence in the transition to electric in the long term. He recognises the need to address charging infrastructure and cost issues to encourage the uptake of EVs.
 
Ford has segmented its business into three divisions: the professional segment (highly profitable), the internal combustion vehicle segment (profitable) and EVs (currently loss-making). Despite initial losses in the EV segment, Ford expects the energy transition to accelerate over time.
 
On the west coast of the US, 30% of Ford's F-series sales are EVs and 15-20% are hybrids, showing significant adoption in some regions. Ford's hybrid truck sales also grew by 20% last year, and the company expects a 40% increase this year.
 
Faced with the challenges of sourcing essential minerals for batteries, Ford is adjusting its strategy to secure the necessary resources as demand for EVs grows. A special project is underway to create a cost-effective EV platform that optimises material, manufacturing and distribution costs.

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