Jim Farley's Ford Boosts Low-Cost EV Team With Top Talent From Rivian, Tesla And Apple
Portfolio Pulse from Anan Ashraf
Ford Motor Co (NYSE:F) has been actively recruiting talent from Rivian, Tesla, Apple, and other companies to build its low-cost EV team. The team has grown to around 300 employees, including significant hires from Rivian, Tesla, Canoo, Lucid, and Apple's disbanded Car team. Ford's acquisition of Auto Motive Power (AMP) in late 2023 added over 100 employees to the team. Ford aims to create lower-cost EVs to meet customer demand and compete with Tesla and Chinese EV makers. Despite increased EV sales, Ford expects its EV division to post a significant EBIT loss in 2024.
June 13, 2024 | 1:21 pm
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Ford has significantly expanded its low-cost EV team by recruiting talent from Rivian, Tesla, and Apple, and through the acquisition of Auto Motive Power (AMP). Despite increased EV sales, Ford expects its EV division to post a significant EBIT loss in 2024.
Ford's aggressive recruitment and acquisition strategy to build a low-cost EV team indicates a strong commitment to competing in the EV market. However, the expected EBIT loss in 2024 suggests financial challenges ahead.
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