Ford CEO: No plan to spin off EV business, but change coming

Ford CEO Jim Farley told the Wolfe Research virtual global auto technology conference Wednesday that the company could hit Tesla-like profit margins by using common electric motors, electronic components and other parts across all sizes of vehicles.

But “I can't turn to the ICE organization and say, ‘Go be Tesla,’” Farley said. “They may do it on the body. They may do it in plant operations, but that's not good enough,” he said, without giving specifics of what changes are coming. Ford's distribution costs are $3,000 to $4,000 higher than Tesla's, Farley said, and is seeking to close that gap by attracting new talent with those skills.

The company also can differentiate itself by doing online software updates so that customers understand how their vehicle is changing, and it needs to keep service customers so if they have a fender bender or a problem develops in four or five years, they can stay within a simple Ford system, Farley said.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ford CEO Says No Plans to Spin Off EV BusinessFord's Chief Executive said the auto maker doesn’t intend to spin off its electric-vehicle business, tamping down speculation that the company could break off its EV operations to boost market value That's too bad. I love Ford, but no one wants their electric vehicles. market crashing into the close traders are deepening the crash it’s real folks media tell the truth
Source: WSJ - 🏆 98. / 63 Read more »

Ford CEO Says Automaker Has No Plans to Spin Off Its Electric Vehicle BusinessSome Wall Street analysts have pressured traditional automakers such as Ford and General Motors to separate their electric vehicle businesses.
Source: NBCDFW - 🏆 288. / 63 Read more »