Ford CEO Jim Farley Praises Tesla's Technology
Ford CEO Jim Farley expressed being "humbled" by Tesla's advanced technology after his team dismantled a Tesla Model 3. He noted that Ford's Mustang Mach-E contains over 1.6 km of additional electrical wiring compared to the Model 3, which adds weight and demands a larger battery.
Insights from Farley's Interview
In an upcoming Office Hours: Business Edition podcast interview, Farley discussed his team's analysis of Tesla and Chinese EV competitors.
"I was very humbled when we took apart the first Model 3 Tesla and started to take apart the Chinese vehicles."
Challenges in the U.S. EV Market
Farley described the U.S. electric vehicle market as "totally different" from initial expectations, a sentiment shared by former Ford CEO Mark Fields. Despite these challenges, Ford remains committed to its electric vehicle strategy.
"We can’t walk away from EVs, not just for the US, but if we want to be a global company."
Competition and Industry Position
Farley acknowledged the strong competition from Chinese automakers, comparing their current stance to Japanese automakers in the 1980s. He emphasized that Ford will not simply concede ground to these rivals.
F-150 Lightning Production Status
Despite Ford's commitment to EVs, there are reports that the automaker might halt production of the F-150 Lightning electric truck.
Summary
Jim Farley respects Tesla’s efficient EV design and recognizes the evolving and challenging nature of the U.S. EV market, reaffirming Ford’s global commitment despite production uncertainties.