22 July, USA, (Business Emerge): Ford CEO Jim Farley is calling for a renewed interest in smaller cars as the automotive industry transitions to electric vehicles (EVs). Speaking at the Aspen Ideas Festival, Farley highlighted the unsustainability of America’s love for large, heavy vehicles in the EV age. He emphasized that embracing smaller EVs is crucial for society and the environment.
Farley revealed that Ford plans to launch a $30,000 all-electric vehicle within two and a half years, aiming to make EVs more accessible. This model will compete with Chinese manufacturer BYD and a new entry-level EV from Tesla.
Farley stressed that automakers must pivot towards more affordable EVs to achieve profitability, noting the high costs associated with large EVs. He clarified that Ford’s focus will be on smaller EVs rather than larger electric trucks and SUVs.
The Biden administration recently announced a 100% tariff on Chinese-made EVs to protect U.S. auto industry jobs. However, the Atlantic Council warned that this strategy might not significantly impact China unless supported by G7 allies.