Hyperdrive

Ford’s New Electric SUV Won’t Compete With Other Carmakers, CEO Says

WATCH: Ford Motor Co. CEO Jim Farley discusses cost cuts, electric vehicle production, the company’s business in China, lithium supply deals, and software revenue streams. Source: Bloomberg

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By Keith Naughton

May 22, 2023 at 5:55 PM UTC

This article is for subscribers only.

Ford Motor Co., which is spending $50 billion building an electric-vehicle business, doesn’t fear the two EV-market leaders, Tesla Inc. and China’s BYD Co.

The automaker’s chief executive officer, Jim Farley, told analysts at Ford’s investor day Monday the company’s battery-powered models will be geared more toward buyers in vehicle segments Tesla and BYD don’t play in.