Ford Motor Company (NYSE:F) Follows Tesla Motor Inc (TSLA) Into Electric Car Market

Boston, MA 01/03/2014 (wallstreetpr) – Perhaps it is not very right to say that Ford Motor Company (NYSE:F) is following Tesla Motor Inc (NASDAQ:TSLA) to developing an electric car because what Ford Motor Company (NYSE:F) has promised is kind of a hybrid.

Nonetheless, the fact that Ford Motor Company (NYSE:F) is set to debut a plug-in car that also runs on sunlight is testament to the relevance that electric cars are gaining among automakers. Even though publicly they tend to suggest that time is not ripe for electric cars to go mainstream.

Tesla Motor Inc (NASDAQ:TSLA) is easily the only company today that specializes in all electric vehicles powered by battery cells. However, many other automakers from General Motors Company (NYSE:GM) to Toyota and Ford Motor Company (NYSE:F) either have their concept electric cars or manufacturing the same for alongside gasoline vehicles.

Electronic show

Ford Motor Company (NYSE:F) is expected to showcase its solar concept car at the Consumer Electronics Show in Las Vegas next week.

The car features a solar panel covered roof and is reminiscent of regular C-Max Energi. The car can be powered 75 percent by solar and this allows the driver to cover extra miles between charges. The roof mounted solar panels collect the energy from the sun and that energy is converted to electric power that is big enough to fully power the car for as significant length of a typical trip.

New vehicle platform

The concept solar C-Max Energi which is expected for showcase at the CES in Las Vegas is not among the 23 new vehicles which Ford Motor Company (NYSE:F) has promised to roll out this year. The company announced in December that it would develop 23 new vehicle platforms of which 16 will be launched for the U.S. market while the rest will have international market appeal.

Due to this investment, Ford Motor Company (NYSE:F) sought to explain to investors that its profits are going to dip this year. This will be because the company will be spending more in operating expenses as well as product advertisement and promotions.

However, afterwards, the company expects to generate even higher profits than it has done in the recent years. Last year was one of the best years for Ford Motor Company (NYSE:F) has in realized significant sales growth which resulted in good profits.

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Published by Ruchi Gupta

Swati Goyal has over 6 years of experience in financial research & analysis domain. She has built financial models varying from consumer goods to banks. She has her articles published in leading dailies of the nation

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