In the US, Tesla Motors is making great inroads into the EV sector by bringing classy and sophisticated designs, far away from the typical compact hatchback tradition that big-ticket manufacturers follow. Tesla Motors’s growing popularity and sales figures are enough to unnerve its larger competitors.
Ford, for instance, wants to unveil its first-ever fully electric cross this year and plans to launch it in the market in 2020. The “Mustang-inspired” vehicle aims to bring the good old American muscle designs and targets a 300-mile range.
Electronic vehicle manufacturers are shifting their focus away from low powered hatchbacks to bigger and more powerful cars that look attractive and pack a punch.
The power revolution will hit EVs soon
Mainstream EV manufacturers want to launch fully electric vehicles that look less than mileage and family-friendly cars and more like SUVs and trucks. Till date, battery operated cars have only enjoyed a tiny structure which the top automakers like Nissan, BMW, and General Motors have failed to capitalize on. The next generation of EVs will resemble the top-selling models of almost every big automaker in the US i.e. trucks and SUVs. A new fleet of vehicles that look like electrified versions of top-selling vehicles like Hummer could be in the making.
As times pass by, the compact EV could finally say goodbye to the market and make way for more conventional designs that people actually want to drive. According to Ford Motor Co.’s global director of electrification Ted Cannis, manufacturers are going to provide a lot more choice to the users in terms of designs.
Are big automakers inspired by Tesla Motors?
Ford’s executive chairman Bill Ford adopted a phrase from Henry Ford II’s vocabulary. He said that the new electric car will “go like hell”, something that Henry Ford used to describe his cars participating in the 24 Hours of Le Mans race about six decades ago. A fully battery-electric F-150 is in the making alongside several big nameplates which will go electric soon.
Ford is already busy launching fuel-efficient hybrids and plug-in hybrids for almost all of its nameplates sold in North America. According to Cannis, the company is holding their new EVs to the same standards that they used for traditional internal combustion engines.
According to Morgan Stanley analyst Adam Jones, this move could be determinantal to their near-term earnings but would eventually be positive for the stock and drive the company towards long-term strength and earnings multiple.