Ford well-positioned to build & sell affordable sub-$30K EVs: CEO Farley

Ford well-positioned to build & sell affordable sub-$30K EVs: CEO Farley

In a bold move aimed at revolutionizing the electric vehicle (EV) market, American automobile giant Ford Motor Company has promised to produce and sell affordable EVs as part of its next generation of products. After reporting falling EV revenue earlier this week, Ford’s optimistic Chief Executive Officer (CEO) Jim Farley affirmed that consumers want manufacturers to produce and sell affordable electric cars, for which his company is well-positioned. He stated that Ford is working on projects to offer affordable EVs in the next generation of its products. He stressed that the next generation of the company’s EVs would be affordable for consumers and profitable for the company.

Speaking on the topic, Farley said, “What's really exciting for us is we see an opening in the market. We believe we can be profitable at $25,000 or $30,000." In the meantime, the automobile giant is working hard to add capacity for its well-established hybrid vehicles, such as the F-150 PowerBoost Pickup and Maverick Hybrid.

Obviously, it was a positive call for a company that has been struggling to persuade investors. Ford is already one of the cheapest brands in the entire world. It is also true when it comes to the price of its share price, which is at attractive levels versus the company’s earnings. It also suggests that investors have little confidence in the automaker’s core business. However, the company’s deeply rooted fleet business is quite massive, its hybrid portfolio is robust and its Mach-E EV is the second-best-selling e-SUV in the U.S., just behind Tesla’s Model Y crossover SUV.

The Ford Mach-E has also enjoyed a significant increase in sales after the company slashed its prices by 17 per cent. CEO Farley said that affordability remained the number one concern for the company, as demonstrated by increase in sales of the hybrid vehicle.

It may be noted that Ford’s focus seems to have gained momentum as Tesla has supposedly lost interest in its budget-friendly "Model 2" EV, which might have been abandoned in favor of billionaire innovator & entrepreneur Musk's promised Robotaxi.

Amid an intensifying race to produce and sell long-range EVs, Ford remains firm in its commitment to offer affordable EVs to budget-conscious buyers. With the automobile giant’s undeterred commitment to affordability, the future of mobility appears to be brighter than ever before.

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