Ford CEO says Tesla’s Cybertruck is for ‘Silicon Valley people’

Ford’s chief executive Jim Farley slammed Tesla’s Cybertruck as a vehicle “for Silicon Valley people” while his company’s F-150 Lightning electric truck is “for real people who do real work.”

“The reality is, America loves an underdog — and we are the market leader for EV trucks and vans, and we know those customers better than anyone,” Farley said Tuesday after announcing better-than-expected earnings during an interview with CNBC’s Jim Cramer.

“If he wants to design a Cybertruck for Silicon Valley people, fine,” the Ford boss added when asked if he was worried that Tesla’s electric truck venture would eat into Ford’s customers.

Farley’s criticism of Elon Musk’s first EV truck came despite the Michigan-based car maker’s recent charging deal with Tesla.

Musk has touted the Cybertruck, expected to be released by the end of 2023, as “better utility than a truck with more performance than a sports car.”

Elon Musk introduces the newly unveiled all-electric battery-powered Tesla Cybertruck at Tesla Design Center in Hawthorne, California.
Ford boss Jim Farley said Tesla’s upcoming Cybertruck as a as a vehicle “for Silicon Valley people while Ford’s F-150 Lightning electric truck is “for real people who do real work.”
AFP via Getty Images

There will be two Cybertruck models available — one with two motors for $60,000 and another with three motors for $70,000.

“It’s like a cool high-end product parked in front of a hotel,” Farley said of the Cybertruck.

“I don’t make trucks like that. I make trucks for real people who do real work, and that’s a different kind of truck,” he told the outlet.

Ford’s F-150 Lightning launched in April 2022 and boasts four models that range from $59,974 to $98,074.

Ford Motor Company's Chief Executive Jim Farley speaks with analysts at Ford's Capital Markets Day, Dearborn, Michigan, U.S., May 22, 2023.
“We are the market leader for EV trucks and vans, and we know those customers better than anyone,” Farley touted during a CNBC interview with Jim Cramer.

Sales reportedly haven’t been up to par, though. About 4,300 units of the F-150 Lightning sold in Q1 of this year — about 2,000 less than projected.

Ford’s most popular F-150 gas-powered line, meanwhile, sold over 170,000 units during that same time period.

But while EV revenue was down, Farley said the automaker expects to see a positive margin of 8% in the category by the end of 2026.

Ford reported quarterly revenue of $41.5 billion, well above the $39.25 billion estimate, CNBC reported.

And despite Farley’s criticism of the Cybertruck, he said he and his team “didn’t really hesitate” when the opportunity to partner with Tesla came up because it’s “advantaging my customers.”

The all-electric Ford F-150 Lightning pickup truck is unveiled at the company's world headquarters in Dearborn, Michigan, U.S., May 19, 2021.
Ford recently announced a partnership with Tesla where, come sometime in 2024, F-150 Lightning drivers would have access to to more than 12,000 Tesla Superchargers across the US.

Most recently, the rival companies reached an agreement where Ford electric vehicle drivers will have access to more than 12,000 Tesla Superchargers throughout the US and Canada, effective sometime in 2024.

Ford currently uses the BlueOval charge network, which provides more than 84,000 chargers across North America to F-150 Lightning drivers.

“I have no problem being opportunistic when it comes to advantaging my customers,” Farley told CNBC.

The Post has reached out to Ford for comment.

Source link

𝗖𝗿𝗲𝗱𝗶𝘁𝘀, 𝗖𝗼𝗽𝘆𝗿𝗶𝗴𝗵𝘁 & 𝗖𝗼𝘂𝗿𝘁𝗲𝘀𝘆:
𝗙𝗼𝗿 𝗮𝗻𝘆 𝗰𝗼𝗺𝗽𝗹𝗮𝗶𝗻𝘁𝘀 𝗿𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝗗𝗠𝗖𝗔,
𝗣𝗹𝗲𝗮𝘀𝗲 𝘀𝗲𝗻𝗱 𝘂𝘀 𝗮𝗻 𝗲𝗺𝗮𝗶𝗹 𝗮𝘁

Similar Posts