Ford Prepares November Reveal for All-Electric Transit Cargo Van
Ford confirms an upcoming virtual event to unveil its all-electric Transit cargo van for global markets. The vehicle represents a major part of the automaker's $11.5 billion investment in commercial electric vehicles.
Ford plans to unveil its all-electric Transit cargo van during a virtual event on November 12. This new vehicle targets all of the company's global addressable markets, expanding upon previous announcements for specific regions like Europe and North America. The electric Transit serves as a core component of Ford's broader $11.5 billion investment in electrification.
CEO Jim Farley emphasizes that Ford aims to dominate the commercial electric vehicle sector by focusing on high-volume work vehicles. He notes that the Transit van and the F-150 pickup truck represent the two most important commercial vehicles in the industry. The company designs these electric models to be highly capable work vehicles that feature unique digital services and over-the-air update capabilities.
Ford tucks this major product announcement inside a surprisingly strong third-quarter earnings report that beats Wall Street expectations. The automaker reports a net income of $2.4 billion on $37.5 billion in revenue, prompting the company to reverse its dim previous outlook and project positive adjusted earnings for the full year of 2020.