Ford CEO Farley Says Company Needs To Move Past 'Monster Vehicles' To Be Profitable In EV Space: 'Start To Get Back In Love With Smaller Vehicles'
Portfolio Pulse from Chris Katje
Ford CEO Jim Farley emphasized the need for the company to shift focus from large 'monster vehicles' to smaller, more profitable electric vehicles (EVs). Ford plans to launch a low-cost EV by 2027, aiming for profitability in the EV segment. The company reported significant losses in its EV segment in the first quarter.
July 02, 2024 | 10:47 pm
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Ford CEO Jim Farley highlighted the need for a shift from large vehicles to smaller, more profitable EVs. The company plans to launch a $30,000 EV by 2027. Ford's EV segment reported significant losses in Q1.
The news indicates a strategic shift for Ford towards smaller EVs, which could improve profitability in the long term. However, the immediate impact on stock price is neutral as the market may wait to see the execution of this strategy.
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