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Ford Motor Co. (NYSE:F) CEO Jim Farley has hailed Tesla Inc.'s (NASDAQ:TSLA) and Ford's Chinese rivals' EV technology.
Check out the current price of F here.
The CEO shared his realization when his team took apart a Tesla Model 3, claiming that the Mustang Mach-E had electrical wiring spanning over 1.6km more than the Tesla. Business Insider reported on Tuesday, citing Farley's comments from an upcoming interview as part of the Office Hours: Business Edition podcast.
The extra wiring added weight to the vehicle, resulting in larger battery requirements. "I was very humbled when we took apart the first Model 3 Tesla and started to take apart the Chinese vehicles," Farley said during the interview.
Speaking on the current state of the EV sector in the U.S., Farley said that the market is "totally different" than what the automaker thought, something that former Ford CEO Mark Fields would agree with.
However, Farley reiterated Ford's commitment to EVs. "We can’t walk away from EVs, not just for the US, but if we want to be a global company," Farley said. He added that he wasn't "going to just cede" to Ford's Chinese rivals, whom Farley recently praised for being close to how Japanese automakers were in the 80s.
Despite reiterating its commitment to EVs, Ford could reportedly shut down the F-150 Lightning's production. The Lightning is the best-selling EV pickup truck in the domestic market and the automaker had recently halted its production, citing aluminum shortages and profitability concerns.
Farley, during Ford’s third-quarter earnings call, also predicted that EV adoption in the U.S. would be somewhere close to 5%. He cited the current regulatory climate under President Donald Trump, which favors ICE-powered vehicles more than EVs, as one of the reasons for his prediction.
Meanwhile, Ford’s recalls for 2025 reached the 134 mark, despite apparent optimism expressed to investors and analysts by Farley, who reaffirmed that the recalls represented the “largest near-term opportunity” for the Detroit-based automaker.
Ford scores well on Momentum, Value and Quality metrics, while offering satisfactory Growth. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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