Ford's goal: Build 2 million EVs globally by 2026

Ford Motor Co. expects to become the No. 2 producer of electric vehicles by the end of 2023, behind only Tesla Inc., on the strength of a lineup that includes the Mustang Mach-E and F-150 Lightning.

The automaker technically holds that title for 2021; it squeaked by General Motors for second place after the Chevrolet brand halted Bolt EV production for months because of a recall. By 2023, Ford plans to produce 600,000 EVs a year globally.

It recently announced production increases for the Lightning and Mach-E to meet those goals.

Once Ford hits that milestone, company executives say they plan to challenge Tesla for the top spot.

"I'm saying No. 2 in the next two years," CEO Jim Farley told Automotive News in November. "Imagine what we can do after that."

Ford's Blue Oval City manufacturing complex, which includes a battery and assembly plant in western Tennessee, is expected to come online in 2025.

The company has said it expects to build 2 million EVs globally by 2026. Its future EVs include an F-Series truck to be built in Tennessee that Farley has said will not be just a next-generation Lightning. Ford plans to start making a commercial EV at its Ohio Assembly Plant by mid-decade and also is expected to introduce Explorer and Lincoln Aviator-sized electric utility vehicles.

Overall, Ford expects 40 to 50 percent of its global volume to be fully electric by 2030.