Electric Vehicles Are Key To Ford’s Long-Term Strategy, CEO Says

Ford Motor Co. CEO Alan Mulally said that Ford is moving decisively away from producing SUVs and large trucks and vowed that “in 10 years … you are going to see a major portion of our portfolio move to electric vehicles.” Speaking at The Wall Street Journal’s ECO:nomics conference in California, Mullaly said that although gasoline prices are now low, “over time we are going to see ever-increasing prices for energy” and that Ford will react to projected long-term energy scarcity by producing an increasing number of fuel- efficient cars. Asked about Ford’s long-term plans, Mulally replied, “I think we’ll have a significant improvement in the fuel efficiency in the internal combustion engine … you’ll see more hybrids, but you will really see a lot more electric vehicles.” Ford is the only major U.S. car company not taking federal bailout money and Mulally said the company will operate profitably by producing cars such as a battery-powered commercial van in 2010 and a plug-in hybrid, starting in 2012.