Ford to triple production capacity of Mustang Mach E by 2023: CEO

US auto major Ford is reportedly planning to increase production of the all-electric Mustang Mach E next year to triple its current capacity by 2023 to meet the "incredible demand", as per CEO Jim Farley.

According to TechCrunch, this is the first time the automaker has provided a specific outlook for the Mustang Mach E.

Ford said in November that it would increase its production capacity of electric vehicles to 600,000 units globally by 2023 -- a goal that would be spread across the Mustang Mach E, F-150 Lightning, and commercial E-transit vans.

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If Ford hits that 600,000 figure, it would double the number it had expected to produce over the next two years, the report said.

"It’s hard to produce Mustang Mach Es fast enough to meet the incredible demand, but we are sure going to try," Farley tweeted.

"So starting in 2022 we are increasing production and expect to reach 200,000+ units per year for North America and Europe by 2023. That`s 3X our 2021 output," he added.

Ford confirmed to TechCrunch that it will be able to increase the production capacity of the Mustang Mach E by building some of the vehicles at its factory in Cuautitlan, Mexico.