Jim Farley is gearing up for the next generation of electric vehicles.
The Ford (F) CEO made his case to analysts on Feb. 6 during the automaker’s fourth-quarter earnings call. He discussed plans for making an affordable electric vehicle to compete with Tesla (TSLA) and Chinese automakers.
“Last year turned out to be a fundamental year — a foundational year for our company,” Farley said, according to a transcript of the call.
Related: Elon Musk mimics Big Tech as Tesla delivers harsh warning to workers
Indeed. That year, the auto industry was buffeted by a six-week United Auto Workers strike that reportedly drained about $1.7 billion from Ford’s bottom line.
Then, there was a slowdown in electric vehicle sales, causing automakers to curtail or scrub their EV production plans.
Last month, Ford announced it would shut down one of two production shifts in April at the Dearborn, Mich., factory that builds the F-150 Lightning electric pickup, citing lower demand for the pickup truck even as Tesla launched its Cybertruck.
Ford said that for 2024, it expects losses for its EV division, ‘Model e’, to widen to $5 billion to $5.5 billion because of pricing pressure and investments in next-generation vehicles.
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