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Ford (F) Unleashes Electric Explorer SUV for Europe Market
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Ford (F - Free Report) finally unveiled its mid-sized electric Explorer SUV, a remake of its iconic and best-selling Explorer SUV. The model has been built on Volkswagen’s (VWAGY - Free Report) modular electric drive matrix (MEB) platform and is expected to be available for less than $50,000 or €45,000. The automaker, however, declined to disclose the price range.
With the launch of the new Explorer SUV, Ford has moved closer to its target of making its entire Europe lineup electric by 2030.
Last year, the American automaker sold 61,575 electric vehicles in the United States and became the second-largest EV manufacturer in the country after Tesla. With the new Explorer SUV, Ford aims to take this saga of achievement across the border. Ford has said in its statement that it has no plans to launch the iconic electric crossover in the United States.
In 2019, Ford and Volkswagen announced to team up and launch two fully electric vehicles in the Europe market to help the Detroit automaker expand its electric footprint in the region. Ford expects to produce 1.2 million EVs using Volkswagen’s MEB platform over six years, starting in 2023.
The new 5-seater electric SUV has a futuristic design. With its advanced driving assistance technology, movable touchscreen and nearly 470 liters of storage capacity, it is well-equipped for family road trips. It will be available in two trims — the Explorer and Explorer Premium — with an expected base price of less than €45,000.
Martin Sander, GM of Ford’s Europe EV business, said, “Steeped in our American roots but built in Cologne for our customers in Europe, it is road trip-ready for the big adventures and fully loaded with everything our customers will need for their daily drives.”
Last month, Ford admitted that it was struggling to become more profitable than its old competitors because of a cost disadvantage. It has recently trimmed its workforce to shift to a leaner structure that will allow it to focus on EV production. Amid these turbulent times, the launch of a electric SUV can prove to be a rescuer for the automaker.
Mercedes-Benz develops, manufactures and sells passenger cars, including premium and luxury vehicles. The Zacks Consensus Estimate for MBGAF’s 2023 sales implies year-over-year growth of 4.02%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 28.89%, respectively.
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Ford (F) Unleashes Electric Explorer SUV for Europe Market
Ford (F - Free Report) finally unveiled its mid-sized electric Explorer SUV, a remake of its iconic and best-selling Explorer SUV. The model has been built on Volkswagen’s (VWAGY - Free Report) modular electric drive matrix (MEB) platform and is expected to be available for less than $50,000 or €45,000. The automaker, however, declined to disclose the price range.
With the launch of the new Explorer SUV, Ford has moved closer to its target of making its entire Europe lineup electric by 2030.
Last year, the American automaker sold 61,575 electric vehicles in the United States and became the second-largest EV manufacturer in the country after Tesla. With the new Explorer SUV, Ford aims to take this saga of achievement across the border. Ford has said in its statement that it has no plans to launch the iconic electric crossover in the United States.
In 2019, Ford and Volkswagen announced to team up and launch two fully electric vehicles in the Europe market to help the Detroit automaker expand its electric footprint in the region. Ford expects to produce 1.2 million EVs using Volkswagen’s MEB platform over six years, starting in 2023.
The new 5-seater electric SUV has a futuristic design. With its advanced driving assistance technology, movable touchscreen and nearly 470 liters of storage capacity, it is well-equipped for family road trips. It will be available in two trims — the Explorer and Explorer Premium — with an expected base price of less than €45,000.
Martin Sander, GM of Ford’s Europe EV business, said, “Steeped in our American roots but built in Cologne for our customers in Europe, it is road trip-ready for the big adventures and fully loaded with everything our customers will need for their daily drives.”
Last month, Ford admitted that it was struggling to become more profitable than its old competitors because of a cost disadvantage. It has recently trimmed its workforce to shift to a leaner structure that will allow it to focus on EV production. Amid these turbulent times, the launch of a electric SUV can prove to be a rescuer for the automaker.
Zacks Rank & Stocks to Consider
F currently carries a Zacks Rank #4 (Sell).
A few better-ranked players in the auto space are Mercedes-Benz Group AG (MBGAF - Free Report) and Wabash National (WNC - Free Report) , both of which sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Mercedes-Benz develops, manufactures and sells passenger cars, including premium and luxury vehicles. The Zacks Consensus Estimate for MBGAF’s 2023 sales implies year-over-year growth of 4.02%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 28.89%, respectively.