HITTING THE BRAKES: Ford CEO explains why the brand isn't going all-electric like GM
The automaker has committed over $50 billion to electrify its lineup with new products and the factories needed to build them, but Ford CEO Jim Farley said it is also continuing to spend on future internal combustion engine models like the"We’re investing in ICE segments where we’re dominant and where we think, as competitors leave the segments, we can actually grow," Farley told FOX Business.
"I find it intriguing that we’re portraying the future of our industry as monolithic. That’s not how it goes. That’s not how it’s going to manifest itself.
"Not all segments will go to electric at the same time, and some may never," Farley said, specifically calling out the Heavy Duty truck classes that the F-Series Super Duty participates in. "If you’re towing a fifth-wheel trailer, or you have a bucket body on the back of a chassis cab Super Duty, an electric vehicle makes almost no sense," he said.
Ford CEO Jim Farley and Ford Executive Chairman Bill Ford helped unveil the 2024 Ford Mustang, which will not be offered with hybrid or electric powertrains.
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