Business · Fortune Technology
This is a ‘come to Jesus moment’: Ford CEO says American carmakers are battling a perfect storm
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
Ford CEO Jim Farley, the leader of the 122-year-old company that democratized the car for everyday Americans, said carmakers are facing three “perfect-storm moments” that could prove existential.
Key facts
- Ford has also seen its own declines in China, where sales fell to 288,000 in 2022 from a peak of 853,000 in 2016
- The National Highway Safety Administration predicted the move will bring down the average miles per gallon for light-duty vehicles to 34.5 miles per gallon by 2031 from the 50.4 miles per gallon
- Farley took over as CEO in 2020, but has worked at the automaker since 2007
- So Ford moved away from its plug-in EV business and scrapped its F-150 Lightning in December
Summary
Farley took over as CEO in 2020, but has worked at the automaker since 2007. Now, he thinks the three-fold transformation barreling at carmakers represents a “come to Jesus” moment for the industry, and they will have to either meet each of the challenges or face the consequences, he told Rolling Stone. The first threat is Chinese carmakers. Ford has also seen its own declines in China, where sales fell to 288,000 in 2022 from a peak of 853,000 in 2016.