Ford to triple electric Mustang output by 2023

Ford Motor expects to triple the output of its all-electric Mustang Mach-E SUV to over 200,000 units per year by 2023 for North America and Europe, its Chief Executive Officer Jim Farley said in a tweet on Friday.

"It's hard to produce Mustang Mach-Es fast enough to meet the incredible demand, but we are sure going to try."

In a hot electrical vehicle market, Ford is pitting itself against the likes of General Motors Co and European carmaker Stellantis, while chasing Volkswagen and global EV leader Tesla Inc.

A Ford official last week said the company was aiming for annual EV production capacity of 600,000 in the next two years.

Lisa Drake, the chief operating officer of Ford North America, said that the company's optimism stemmed from increasing demand for its F-150 Lightning pickup, with retail reservations approaching 200,000.

Automotive News reported earlier on Friday that Ford was postponing the production of electric versions of the Explorer and Lincoln Aviator crossovers by about one and a half years to increase manufacturing of its Mustang Mach-E SUVs.

Ford told its suppliers that production of these new EVs is now scheduled to start in December 2024, according to the report.

Ford did not immediately respond to a request for comment on the Automotive News report.