Ford CEO Jim Farley characterized the electric vehicle market as a continuously evolving landscape during the company's Q3 earnings call. With market dynamics, aggressive pricing by Tesla, and substantial development expenses, Ford has opted to reduce its pace of electric vehicle investment in an effort to mitigate financial losses.
However, Ford maintains that that was always the plan. It never committed to dropping internal combustion vehicles from its global lineup, and split its business into the three divisions earlier this year. Although it remains committed to electrification, Ford's CEO said that the EV business has changed. Tesla's 'gift' Great product isn't enough in the EV business anymore. We have to be totally competitive on cost, said Farley.