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- In a strategic move to dominate the electric vehicle market, Ford has significantly expanded its low-cost EV team with top talent from Rivian, Tesla, and other industry leaders.
- The team, bolstered by the acquisition of Automotive Power, is focused on developing breakthrough EV technologies to compete with Tesla and fend off emerging Chinese competitors.
- This article looks into how Ford is positioning itself for success in the rapidly growing EV market.
There’s been a lot of chaos recently in the world of electric vehicles (EVs), and Ford has capitalized on it to build out its secretive low-cost EV team. A report from TechCrunch details a review of LinkedIn data that indicates Ford has built this team up to around 300 employees over the last year.
This includes around 50 coming from Rivian, more than 20 from Tesla, and a dozen from cash-strapped Canoo. It also hired around 10 employees from Lucid Motors and a handful from Apple’s recently disbanded EV team known as Project Titan.
Key recruitments
Ford has also hired two senior aerodynamicists away from Formula One teams to work on the project. The growth of the secretive team comes as Ford, like its rivals, looks for ways to dramatically drive down the cost of EVs in a bid to catch Tesla while also fending off cheap competition brewing in China.
The newly reported hires add to a group that Ford already bolstered with its late 2023 acquisition of a startup called Auto Motive Power. That team of more than 100 people was brought into Ford to help advance work on a low-cost electric vehicle platform meant to power the next-generation vehicle that could peak at Tesla on a mass market level.
Strategy and expansion
Ford said about its team, “The Ford Advanced EV team is part of a global effort to build focused technology and product development teams local to the best talent centers. This team is leading the development of breakthrough EV products and technologies.” The company declined to respond to specific questions about how it’s building out the team, which is known internally as Ford Advanced EV.
The E-Transit will come in eight configurations, including three roof heights and three lengths as well as a cargo van, chassis cab and cutaway models. (Ford)
This strategic expansion highlights Ford’s commitment to not only competing in the EV market but also leading it.
The influx of talent from competitors and key players in the industry underscores the aggressive approach Ford is taking to innovate and reduce costs. By integrating expertise from a variety of sources, including Formula One teams known for their aerodynamics prowess, Ford is positioning itself to make significant advancements in EV technology.
Market pressures and outlook
In a market increasingly dominated by Tesla, traditional automakers like Ford are under immense pressure to innovate rapidly and cost-effectively. The acquisition of AMP and the formation of a dedicated team signify Ford’s recognition of the need for specialized and focused development to achieve these goals.
The EV market is also facing pressure from emerging players in China, who are producing cheaper alternatives that could threaten established brands.
According to a report by Bloomberg, the global EV market is expected to grow at a compound annual growth rate (CAGR) of 21.7% from 2022 to 2030, reaching a market size of $1.212 trillion by 2030. This growth is driven by increasing environmental concerns, government policies favoring electric mobility, and advancements in battery technology.
The EV landscape is rapidly evolving, and Ford’s strategic moves reflect its commitment to staying ahead of the curve. By building a team of top-tier talent and focusing on innovation, Ford aims to produce EVs that are not only competitive but also affordable for the mass market. This approach could potentially enable Ford to challenge Tesla’s dominance and address the competitive threats from cost-effective Chinese manufacturers.
The perspective
Ford’s aggressive recruitment and strategic acquisitions highlight its determination to lead the EV market.
The integration of diverse expertise from industry leaders, coupled with a focused approach to developing low-cost EV technology, positions Ford as a formidable competitor in the race towards electrification. As the global EV market continues to expand, Ford’s investments in innovation and talent acquisition could play a crucial role in shaping the future of electric mobility.
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