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Ford CEO Says Automaker Is ‘Under-Earning’ on EVs and Gas Models

  • Farley says company has too many people, too much complexity
  • Cites the need for ‘restructuring talent’ for broad overhaul
Jim Farley
Jim FarleyPhotographer: Jon Cherry/Bloomberg

Ford Motor Co.’s leader made a case for significantly restructuring the 118-year-old automaker for the electric age and acknowledged the company is “under-earning” on both its battery-powered vehicles and internal combustion engine models.

“We have too many people, we have too much investment, we have too much complexity and we don’t have expertise in transitioning our assets,” Jim Farley, Ford’s chief executive officer, said at a Wolfe Research auto conference Wednesday. “This management team firmly believes that our ICE and BEV portfolios are under-earning.”