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Source: Virrage Images,Shutterstock
Summary
- Legacy Automakers are ramping up EV production, with many signalling a complete transition to EV within the decade.
- Electrified versions of popular makes and models are being pushed out over the next couple of years, marking the beginning of the transition to EV.
Legacy car manufacturers around the world are pushing out electrified vehicles at pace. Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and Stellantis NV (NYSE:STLA) have all indicated their intention to start mass-producing electric versions of their popular models in the short term. The industry’s long-term plan is to move with the times and fully embrace EV.
Ford Motor Company
Ford Motor Company has ambitious plans to electrify its entire suite of vehicles. The Company expects all sales in Europe to be EV by the middle of this decade. By 2030, Ford is anticipating 100% of its sales will be EV.
Source: © Swtrekker | Megapixl.com
Ford’s F-150 is the highest selling vehicles in American history and is one of the first vehicles to get an EV makeover. Its size and utility make it incredibly popular with America’s working class, as well as families. Ford demonstrated an F-150 electric last July in a promotional video. In the video, the F-150 electric pulled 450 tonnes worth of petrol F-150s loaded onto a train.
Ford has been cagey about the exact release date for its electrified F-150, but market analysts expect the F-150 electric to hit the market in 2021 or 2022.
On 8 March, Ford shares last traded at US$12.65, increasing by 3.10%.
General Motors Company
General Motors is developing EV versions of its most popular makes, including the Chevrolet Pickup and the infamous Hummer. The Company’s investment in EV has recently been lifted to US$27 billion to help it churn out 30 EVs before 2025.
Source: © Liumangtiger | Megapixl.com
General Motors has estimated conservative timelines for when its electrified vehicles will become available. The Chevy Pick-up is expected to hit the showrooms in 2023, much later than its rivals from Ford, Tesla Inc (NASDAQ:TSLA), and Fiat Chrysler. The Chevy Pickup's battery pack is proposed to hold 200 kWh, double that of the juiciest Tesla currently on the market.
An electrified Hummer SUV and Pickup are due to be released earlier than the Chevy Pickup. General Motors has suggested these two EVs will hit the streets in late 2022.
On 8 March, General Motors shares last traded at US$54.98, increasing by 2.29%.
Stellantis NV
Stellantis was formed in early 2021 from the two juggernauts: Fiat Chrysler and Peugeot Citroën. In the lead up to a full EV transition for the Company, it is developing EV versions for a range of the fourteen car brands under its control.
Source: © Pzx941 | Megapixl.com
Stellantis believe that the world is trending toward banning petrol-powered vehicles and is transitioning to meet the market. The Company plans to fulfil its transition within ten years. Ten EV vehicles are scheduled for release in 2021 alone, including a Jeep Wrangler, Fiat 500, and a Ram 1500 Pickup.
On 8 March, Stellantis shares were at US$17.11, increasing by 2.27% from its previous close.
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