CEO Jim Farley told investors in an earnings call on Wednesday that when it comes to EVs, bigger is not always better — and said that the company's future would depend on its ability to build smaller, cheaper electric vehicles.
Advertisement"In ICE [Internal Combustion Engine], a business we've been in for 120 years, the bigger the vehicle, the higher the margin," Farley said.
The company continues to lose money on its electric vehicle business amid an industry-wide slowdown in demand for EVs.
Ford has quietly created a secretive "skunkworks" team, reportedly based in California, to build this new platform.
"We have to start to get back in love with smaller vehicles.
Persons:
—, Tesla, Jim Farley, Farley, Ford
Organizations:
Service, EV, Business, Detroit, Tesla, Ford, Aspen Ideas
Locations:
California