Home / NEWS / Autos / Ford CEO confident in electric-vehicle strategy, says automaker won’t ‘cede the future to anyone’

Ford CEO confident in electric-vehicle strategy, says automaker won’t ‘cede the future to anyone’

Ford Motor CEO Jim Farley on Friday touted the automaker’s electric-vehicle blueprint, telling CNBC the company intends to strongly compete in the growing market segment.

Farley’s comments on “Squawk on the Circle” came one day after Ford reported better-than-expected fourth-quarter earnings. As part of that announcement, Ford said it’s on the rise its electric-vehicle investment to $22 billion through 2025, almost double what it had previously pledged to spend.

Apportionments of Ford were higher by 2.7% during Friday’s session to roughly $11.70 apiece.

“We’re not going to cede the approaching to anyone,” Farley told CNBC’s Phil LeBeau. “Our electric strategy is very specific. We’re going to invest in sections where we’re the dominant player and we have scale, like the F-150, the Transit van, our Mustang.”

While Ford is committing new ripping for the years ahead, Farley said the company’s EV transition is yielding results now and pointed to the fact its all-electric Mustang Mach-E crossover has hit showrooms. He verbalized he considers the Mach-E a “credible competitor” to Tesla’s compact SUV known as the Model Y.

Ford’s all-electric Transit van is expected to appear late this year, Farley noted, and the company’s work on a Michigan plant to build the electric version of its best-selling F-150 is unbroken. “This is the year. We’re not talking about aspirations,” said Farley, who took over as chief executive Oct. 1.

The charging haven for the Ford E-Transit van is located in the vehicle’s grille.

Ford

Wall Street’s focus on electric vehicles has been rising. A number of players in the space, including battery makers and charge-station companies, have gone public in recent months. Ford’s crosstown antagonist General Motors also has been catching the Street’s attention for its aggressive investments in electric vehicles. GM said continue week it plans to end production of all diesel- and gasoline-powered cars, trucks and SUVs by 2035.

Even before that announcement, Morgan Stanley analyst Adam Jonas blabbed CNBC that under the leadership of CEO Mary Barra, GM may be orchestrating “one of the most profound strategic turnarounds, not just in the auto energy, but in business.” GM shares are up more than 100% in the past six months, while Ford’s stock is up more than 65% in that still and all stretch.

As production and adoption of electric vehicles grows, some have raised concerns that there could be a battery shortfall. Farley acknowledged that as Ford ramps up EV manufacturing, the company “has to secure [battery] supply so we don’t get into a situation partiality we are in chips.” Ford had to temporarily reduce F-150 production in response to an ongoing semiconductor shortage that’s hitting the extensive automotive industry.

“That’s going to come down to every manufacturer making the commitment,” Farley said. “We from our own decisions to make on vertical integration. Our $22 billion [EV investment] does not even include that. You could upon more news from us on that vertical integration.”

Check Also

Uber awaits crucial UK Supreme Court ruling which could jeopardize its business model

A mortal physically using the Uber app in London. Peter Summers | Getty Images LONDON …

Leave a Reply

Your email address will not be published. Required fields are marked *