Ford CEO Jim Farley Echoes Elon Musk On EV Pricing, Scales Down Production Targets
Portfolio Pulse from Anan Ashraf
Ford Motor Co (NYSE:F) CEO Jim Farley has revised the company's EV production targets and increased loss forecasts. The company now aims for a 600,000 EV production run-rate in 2024, with no set deadline for the previously targeted two million EV production run rate. The EV segment is now expected to bring a loss of $4.5 billion this year, up from the previous guidance of $3 billion. Farley's comments on EV pricing echo those of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, who recently warned of further price cuts on its vehicles.
July 28, 2023 | 4:46 am
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Ford has revised its EV production targets and increased its loss forecasts. This could impact investor confidence and potentially the company's stock price.
The revision of production targets and increased loss forecasts indicate potential challenges in Ford's EV segment, which could negatively impact investor sentiment and the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tesla's CEO Elon Musk's comments on EV pricing were echoed by Ford's CEO, indicating a potential industry-wide trend of price cuts.
The echoing of Musk's comments by Ford's CEO suggests a potential industry-wide trend of price cuts for EVs. This could impact Tesla's revenues and profitability, and potentially its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50