Ford announced the second-quarter financial results, and its EV division Model e stuck out like a sore thumb, with mounting losses projected to increase in the year's second half. Ford also announced that its annual production capacity target of 600,000 EVs will not be reached until the end of next year.
Ford was one of the legacy carmakers bullish about its prospects of surpassing Tesla. Not only that, but the plan seemed to be working, with the Mustang Mach-E receiving great feedback. In November 2021, a euphoric Jim Farley announced doubling the EV production targets for 2023 to 600,000 units. With the imminent arrival of the F-150 Lightning, this should've been a home run for Ford.
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