{"id":106360,"date":"2021-02-05T20:56:18","date_gmt":"2021-02-05T20:56:18","guid":{"rendered":"https:\/\/fin2me.com\/?p=106360"},"modified":"2021-02-05T20:56:18","modified_gmt":"2021-02-05T20:56:18","slug":"ford-ceo-confident-in-electric-vehicle-strategy-says-automaker-wont-cede-the-future-to-anyone","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/ford-ceo-confident-in-electric-vehicle-strategy-says-automaker-wont-cede-the-future-to-anyone\/","title":{"rendered":"Ford CEO confident in electric-vehicle strategy, says automaker won&#x27;t &#x27;cede the future to anyone&#x27;"},"content":{"rendered":"<ul>\n<li>&quot;We&#x27;re not going to cede the future to anyone&quot; when it comes to electric vehicles, Ford CEO Jim Farley told CNBC on Friday.<\/li>\n<li>He said Ford&#x27;s EV strategy is focused on investing in auto segments where it&#x27;s &quot;the dominant player.&quot;<\/li>\n<li>Ford announced a day earlier it&#x27;s boosting its EV investment to $22 billion through 2025.<\/li>\n<\/ul>\n<p>Ford Motor\u00a0CEO Jim Farley on Friday touted the automaker&#x27;s electric-vehicle strategy, telling CNBC the company intends to strongly compete in the growing market segment.<\/p>\n<p>Farley&#x27;s comments on &quot;Squawk on the Street&quot; came one day after Ford reported better-than-expected fourth-quarter earnings. As part of that announcement, Ford said it&#x27;s increasing its electric-vehicle investment to $22 billion through 2025, almost double what it had previously pledged to spend.<\/p>\n<p>Shares of Ford were higher by 2.7% during Friday&#x27;s session to roughly $11.70 apiece.<\/p>\n<p>&quot;We&#x27;re not going to cede the future to anyone,&quot; Farley told CNBC&#x27;s Phil LeBeau. &quot;Our electric strategy is very specific. We&#x27;re going to invest in segments where we&#x27;re the dominant player and we have scale, like the F-150, the Transit van, our Mustang.&quot;<\/p>\n<p>While Ford is committing new capital for the years ahead, Farley said the company&#x27;s EV transition is yielding results now and pointed to the fact its\u00a0all-electric Mustang Mach-E crossover has hit showrooms. He said he considers the Mach-E a &quot;credible competitor&quot; to Tesla&#x27;s compact SUV known as the Model Y.<\/p>\n<p>Ford&#x27;s all-electric Transit van\u00a0is expected to arrive late this year, Farley noted, and the company&#x27;s work on a Michigan plant to build the electric version of its best-selling F-150 is ongoing. &quot;This is the year. We&#x27;re not talking about aspirations,&quot; said Farley, who took over as chief executive Oct. 1.<\/p>\n<p>Wall Street&#x27;s focus on electric vehicles has been increasing. A number of players in the space, including battery makers and charge-station companies, have gone public in recent months. Ford&#x27;s crosstown rival General Motors also has been catching the Street&#x27;s attention for its aggressive investments in electric vehicles. GM said last week it plans to end production of all diesel- and gasoline-powered cars, trucks and SUVs by 2035.<\/p>\n<p>Even before that announcement, Morgan Stanley analyst Adam Jonas told CNBC that under the leadership of CEO Mary Barra, GM may be orchestrating &quot;one of the most profound strategic turnarounds, not just in the auto industry, but in business.&quot; GM shares are up more than 100% in the past six months, while Ford&#x27;s stock is up more than 65% in that same stretch.<\/p>\n<p>As production and adoption of electric vehicles grows, some have raised concerns that there could be a battery shortage. Farley acknowledged that as Ford ramps up EV manufacturing, the company &quot;has to secure [battery] supply so we don&#x27;t get into a situation like we are in chips.&quot; Ford had to temporarily reduce F-150 production in response to an ongoing semiconductor shortage that&#x27;s hitting the global automotive industry.<\/p>\n<p>&quot;That&#x27;s going to come down to every manufacturer making the commitment,&quot; Farley said. &quot;We have our own decisions to make on vertical integration. Our $22 billion [EV investment] does not even include that. You could expect more news from us on that vertical integration.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/05\/ford-wont-cede-the-future-to-anyone-on-electric-vehicles-ceo-farley.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;We&#x27;re not going to cede the future to anyone&quot; when it comes to electric vehicles, Ford CEO Jim Farley told CNBC on Friday. He said [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":106359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ford CEO confident in electric-vehicle strategy, says automaker won&#x27;t &#x27;cede the future to anyone&#x27; - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/ford-ceo-confident-in-electric-vehicle-strategy-says-automaker-wont-cede-the-future-to-anyone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ford CEO confident in electric-vehicle strategy, says automaker won&#x27;t &#x27;cede the future to anyone&#x27; - Fin2me\" \/>\n<meta property=\"og:description\" content=\"&quot;We&#x27;re not going to cede the future to anyone&quot; when it comes to electric vehicles, Ford CEO Jim Farley told CNBC on Friday. 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