According to reports, Ford Motor released its fourth and third quarter financial results on Wednesday, and revealed that it plans to release a pure electric version of the Transit truck in November. Ford's pure electric truck will be sold in all markets of the company worldwide.
For more than a year, the company has stated that it will produce an electric Transit truck. In April 2019, Ford announced that it would sell an electric Transit in the European market by 2021. This spring, Ford stated that it will produce and sell pure electric Transit trucks in the North American market around 2022.
Before Ford announced its electrification plan, the company will invest more than 11.5 billion U.S. dollars to develop electric vehicles by 2022 to win commercial customers. The electric Transit truck is part of this plan.
The decision to include commercial trucks in the electrification strategy is related to North American sales and Ford's prospects for future growth. On Wednesday, Ford CEO Jim Farley said in an earnings conference call with analysts that Transit trucks and Ford F-150 are the two most important and highest-selling commercial vehicles in the automotive industry.
He said: "These electric vehicles will become real work vehicles, with strong capabilities, unique digital services and OTA upgrade capabilities, which can provide commercial customers with productivity and improve time utilization efficiency. We believe that pure electric commercial vehicles Trucks and pickups will become a huge business opportunity and bring considerable profits. We will seize this opportunity."
Ford announced on Wednesday that the company’s third-quarter net profit was US$2.4 billion and revenue was US$37.5 billion, exceeding Wall Street’s expectations. Ford said that it expects adjusted earnings before interest and taxes for the full year of 2020 to be positive, reversing the previously bleak outlook.