Ford CEO Farley Says Company Needs To Move Past 'Monster Vehicles' To Be Profitable In EV Space: 'Start To Get Back In Love With Smaller Vehicles'

Chris Katje

July 02, 2024

Automotive giant Ford Motor Co (NYSE:F) is among the companies looking to the future with the growth of electric vehicles.

Ford's problem of not having profitable vehicles is weighing on Ford CEO Jim Farley.

What Happened: Ford is among the market leaders in the truck market with its F-150 line, which led to the launch of the F-150 Lightning electric pickup truck.

In a recent interview, Farley said the U.S. loves its "monster vehicles," in reference to SUVs and trucks.

"We are just in love with these monster vehicles. I love them too," Farley said at the Aspen Ideas Festival, as reported by Electrek.

Farley said the company and industry might need a "radical change" with a focus on smaller vehicles going forward.

"We have to start to get back in love with smaller vehicles. It's super important for our society and for EV adoption."

The comments from Farley come as Ford is working on a new electric vehicle platform for low-cost vehicles. The company is expected to launch an electric vehicle for around $30,000 in 2027. Farley previously said the vehicle will be profitable for Ford.

Read Also: Ford’s Jim Farley Embraces EVs, Exciting Rival Tesla CEO Elon Musk, But Report Says Nearly Half Of EV Owners In US Want To Switch Back To Gas

Why It's Important: Ford has pushed back plans on electric SUVs and pickup trucks as it focuses more on profitability for its electric vehicles.

"And if we don't make profitable EVs in the next five years, what is the future? We will just shrink into North America," Farley previously said.

Ford reported revenue of $0.1 billion for its Ford Model e segment in the first quarter, down 84% year-over-year. The segment had an EBIT loss of $1.3 million in the quarter. Ford lost $132,000 for every unit during the quarter, according to the report.

F Price Action: Ford shares were up 0.86% to $12.87 at market close Tuesday versus a 52-week trading range of $9.63 to $15.42. Ford stock is down 14.4% over the last year.

Read Next:

Jim Farley’s Ford Boosts Low-Cost EV Team With Top Talent From Rivian, Tesla And Apple

Photos: Courtesy of Ford Co.

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