Michael Martinez

Franck Louis-Victor, 48, will oversee the company's autonomous vehicle and mobility services teams as well as its Ford X incubator.

The automaker also noted it has booked 36,000 reservations for the Maverick compact pickup in the nine days since its reveal.

Suppliers have been told to prepare for annual volumes of 110,000 of the pickup. Production is expected to begin in late July.

Ford aims to boost revenue from subscription services, reduce ownership costs for fleet operators and grow its commanding share of the commercial van and truck market.

New rwd/awd architecture for EVs will enable a "range of emotive vehicles" between now and 2030, Ford's Hau Thai-Tang said

Ford is also doubling-down on its commercial business, expecting to nearly double the $27 billion in revenue earned in 2019.

Ford lowered the top end of its full-year guidance, with the semiconductor shortage costing an estimated $2.5 billion. The company now expects to lose 1.1 million units of production throughout 2021. Ford Europe generated a $341 million profit in the quarter.

The facility will have 150 employees and be capable of designing and manufacturing battery electrodes, cells and arrays at the pilot level.

The statement contradicts initial police reports in Texas that said no one was in the driver's seat.

Revenue at the EV maker jumped 74 percent to $10.4 billion, and automotive gross margins hit 26.5 percent. CEO Elon Musk touted several new quarterly records set by the company.

Ford officials have taken to Twitter to quickly correct issues and have compensated owners with discounts, free charging and other perks as it looks to build credibility among EV buyers.

Jim Farley said the semiconductor supply crisis reminds him of the early days of the coronavirus pandemic and that it has caused Ford to rethink how it sources the critical components.

The driver-assist technology system will be available through a software update starting in the third quarter on adequately equipped F-150s and Mustang Mach-Es.

Cousins Alexandra Ford English and Henry Ford III, great-great-grandchildren of the company's founder, have been nominated to replace Edsel Ford II and John Lechleiter in May.