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- Ford will spend more on mass-market EVs, its CEO said Tuesday.
- "The ultimate competition is going to be the affordable Tesla," Jim Farley told analysts.
- Elon Musk's company plans to launch its own cheaper EV, dubbed the "Model 2."
Ford is planning to spend more on developing mass-market electric vehicles, CEO Jim Farley said Tuesday, in a move that could result in a rival to Tesla's long-awaited "Model 2".