Ford is planning to introduce affordable electric vehicles to compete with Chinese manufacturers and Tesla.
The company’s CEO, Jim Farley, revealed a shift towards developing lower-cost electric models to attract mainstream car buyers.
“We’re also adjusting our capital, switching more focus onto smaller EV products,” Jim Farley said.
Ford aims to address the high prices that have hindered widespread adoption of electric vehicles.
This move reflects the intensifying competition between Chinese and Western carmakers in the electric vehicle market.
“All of our EV teams are ruthlessly focused on cost and efficiency in our EV products because the ultimate competition is going to be the affordable Tesla and the Chinese,” Farley said.
While Ford’s recent financial results exceeded expectations, the company is currently experiencing losses on its existing electric vehicle models, with projected increased losses in the coming years.
Ford is also adjusting its profit margin expectations for electric vehicles.
Read Also:
Nikki Haley Admits Why She Feels ‘Stupid’ On Campaign Trail
Hot Mic Slip Exposes MSNBC Host’s True Views On Biden
