Unpacking The Jim Farley Interview With Bloomberg
, the legacy US automaker that seems most committed to pushing the EV revolution forward. This week, Ford CEOto answer questions on a broad spectrum of topics. Here are some excerpts from that conversation.Farley began the interview by alluding to how Henry Ford originally structured the company more than 100 years ago. He valued self sufficiency and wanted to source all the resources needed to produce automobiles internally.
“Vertical integration is going to be the theme of the day, because the gearboxes, the electric motors, the inverters, the whole electrical architecture, we farmed out to all of our suppliers for decades. We’re bringing all that in now, inside the company. It’s hard, but it helps with the costs, and we think all those are difference-makers. We want to be doing those things and solving the hardest problems at Ford.
Asked about Ford’s plan to reach an 8% profit margin on its electric vehicles and get near Tesla’s gaudy, industry-leading profit margins, Farley had this to say. “What we have to do as a company is reduce the bill of material cost. So on Mustang Mach-E, we’ve gotten the cost of the vehicle down $5,000 this year. We’re going to need to do the same thing, and even faster, on our second-generation product.”to build a battery factory in Michigan. That happened after Glenn Youngkin, the governor of Virginia, told Ford and CATL to take their clean energy jobs and shove ’em.
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