Updated: 12:55 p.m. ET

(Bloomberg) -- Ford Motor Co. plans tointroduce a long-range electric vehicle to competewith battery-powered models coming from Tesla Motors Inc. andGeneral Motors Co. that would go 200 miles or more on a charge.

“We want to make sure that we’re either among the leaders or ina leadership position,” Chief Executive Officer Mark Fields toldanalysts and reporters on a conference call Thursday. “When youlook at some of the competitors and what they’ve announced,clearly, that’s something we’re developing for.” He didn’t say whenFord would start producing the vehicle.

Ford joins a growing field of automakers seeking to overcomeconsumer fears that electric cars will run out of juice, leavingthem stranded. GM plans a debut this fall for the Chevrolet Bolt,an all-electric hatchback it says will have a range of at least 200miles (322 kilometers). Reports indicate Nissan Motor Co.’snext-generation Leaf electric car will match that distance on acharge. Tesla CEO Elon Musk has said the $35,000 Model 3 slated forlate 2017 will go at least 215 miles between plug-ins.

News of Ford’s electric-vehicle plans helped drive up its shareson a day when the Dearborn, Michigan-based automaker posted recordfirst-quarter net income of $2.5 billion, surpassing analysts’expectations. The stock rose 3.5% to $14.14 at 12:22 p.m. New Yorktime.

Tracking Tesla

Ford, which recently paid almost $212,000 to buy one of thefirst Tesla Model X electric sport utility vehicles, is clearlypaying attention to the Palo Alto, California-based maker ofelectric vehicles. Tesla was deluged with $1,000 reservations forthe Model 3 after Musk revealed it March 31 at the company’s designstudio in Hawthorne, California.

“I’m glad Mark Fields is saying Ford will be a leader and matchwhatever EV range is out there,” said David Whiston, an analyst atMorningstar Inc. in Chicago, who rates Ford the equivalent of abuy. “You can’t just ignore Tesla getting 400,000 reservations on avehicle in a little more than a week’s time.”

Research shows that more consumers will be willing to buy anelectric vehicle as driving range grows to 200 miles and the pricefalls below $30,000. Automakers are under pressure to improve thefuel economy of their entire lineups to meet U.S. regulations thatmandate a company’s fleet must average 54.5 miles per gallon by2025.

Focus upgrade

Ford this fall will begin offering its Focus Electric model with adriving range of 100 miles. That’s an upgrade from the 2016 model’s76-mile limit. Current Focus Electric owners drive about 9,500miles annually, or about 30 miles a day, according to theautomaker. Ford expects that a longer range and faster chargingoutlets will generate more EV buyers.

Related: Shocked! The dangers of electric vehicle chargingstations

Ford has said it is investing $4.5 billion in electrifiedvehicles and will add 13 electric cars and hybrids to its lineup by2020. Those models will represent 40% of Ford’s showroom, up from13% now. Fields has said plug-in hybrids will be thefastest-growing type of electric vehicle.

But with fuel prices low, the automaker has had a hard timeattracting buyers to its hybrid and plug-in hybrid models,including the C-Max, Fusion and Lincoln MKZ hybrids. U.S. sales ofthose models have fallen 6% this year, to 13,688 vehicles,according to researcher Autodata Corp.

Consumers are showing a greater preference for SUVsand pickups. U.S. sales of Ford’s SUVs rose 16% in the firstquarter.

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