{"id":32856,"date":"2023-05-03T21:38:43","date_gmt":"2023-05-03T21:38:43","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/ford-ceo-says-price\/"},"modified":"2023-05-03T21:43:30","modified_gmt":"2023-05-03T21:43:30","slug":"ford-ceo-calls-electric","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/ford-ceo-calls-electric\/","title":{"rendered":"Ford CEO calls electric vehicle market price cuts &#8216;a worrying trend&#8217;"},"content":{"rendered":"<p>By David Shepardson and Joseph White<\/p>\n<p>WASHINGTON (Reuters) -Ford CEO Jim Farley said on Wednesday that price cuts in the electric vehicle market were &#8220;a worrying trend&#8221; after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla.<\/p>\n<p>Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. <\/p>\n<p>Farley compared the price war in the EV market to Henry Ford&#8217;s series of price cuts for the Model T starting in 1913. But the Ford Chief said the company founder&#8217;s strategy ultimately put Ford at risk.<\/p>\n<p>&#8220;You do not want to commoditize the product,&#8221; Farley said at a Wall Street Journal forum. <\/p>\n<p>&#8220;The resale value for people who bought at higher prices is awful. They never forget,&#8221; Farley said. Ford will follow Tesla price cuts for models such as the Mustang Mach-E that competes head-on with Tesla&#8217;s Model Y, he said. &#8220;There\u2019s a limit to how far we\u2019ll go.&#8221;<\/p>\n<p>Tesla CEO Elon Musk praised Ford&#8217;s EV strategy. &#8220;Always tough with margins for new vehicle lines, especially when there are major technology shifts,&#8221; Musk wrote on Twitter. &#8220;I think Ford\u2019s overall strategy with EVs is smart. The electric F-150 (Lightning) has high demand.&#8221;<\/p>\n<p>On other points, Farley said Ford does not plan to drop Apple CarPlay software that allows customers to mirror their smartphone screens in a vehicle&#8217;s dashboard. General Motors Co recently said it will phase out CarPlay in future models.<\/p>\n<p>In terms of entertainment streamed into a car, &#8220;we kind of lost that battle ten years ago,&#8221; Farley said. Moreover, &#8220;70% of Ford customers in the U.S. are Apple customers.&#8221;<\/p>\n<p>Ford chose to build a new electric vehicle manufacturing hub near Memphis, Tennessee, in part because the region has cleaner electricity from hydro and nuclear facilities, Farley said. <\/p>\n<p>Ford will train workers for that facility, and will invest in retraining current workers, Farley said. But not all Ford employees will make the transition to electric vehicles, he said. <\/p>\n<p>&#8220;We can&#8217;t upskill everyone,&#8221; he said. &#8220;It will take too much time.&#8221;<\/p>\n<p> (Reporting by David Shepardson and Joseph White; Editing by Aurora Ellis and David Gregorio)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/ford-ceo-says-price\/file-photo-the-new-york-international-auto-show-in-manhattan-4\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420PF-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420PF-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By David Shepardson and Joseph White WASHINGTON (Reuters) -Ford CEO Jim Farley said on Wednesday that price cuts in the electric vehicle market were &#8220;a worrying trend&#8221; after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla. Ford on Tuesday announced a price cut of [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":32857,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-32856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420PF-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=32856"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32856\/revisions"}],"predecessor-version":[{"id":33293,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32856\/revisions\/33293"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/32857"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=32856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=32856"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=32856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}