Ford CEO Jim Farley Praises Tesla's Technology
Jim Farley, CEO of Ford (NYSE: F), expressed being “humbled” by Tesla's advanced technology after his team dismantled a Tesla Model 3. He highlighted significant differences in design compared to Ford’s Mustang Mach-E, noting that the Mach-E contains over 1.6 km more electrical wiring, which increases weight and battery demands.
Insights from Model 3 Tear-Down
Farley shared his impressions in an upcoming interview on the Office Hours: Business Edition podcast, as reported by Business Insider. He explained:
"I was very humbled when we took apart the first Model 3 Tesla and started to take apart the Chinese vehicles."
This realization underscored Tesla's technological lead and efficiency in EV design.
Challenges in the U.S. EV Market
Farley acknowledged that the U.S. electric vehicle market is “totally different” from what Ford initially expected, a view echoed by former Ford CEO Mark Fields. Despite these challenges, Farley insisted on Ford’s determination to remain competitive.
"We can’t walk away from EVs, not just for the US, but if we want to be a global company," Farley said.
He also refused to concede to Chinese rivals, recently commending their competitiveness as reminiscent of how Japanese automakers approached the market in the 1980s.
Future of Ford’s EV Lineup
Despite his commitment to electric vehicles, Farley indicated that Ford might discontinue production of the F-150 Lightning, reflecting ongoing strategic reassessments.
Summary
Jim Farley admires Tesla's EV tech after dismantling a Model 3, recognizes tough U.S. market dynamics, and affirms Ford's EV commitment despite possible F-150 Lightning halt.
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