Newly appointed CEO Jim Farley told CNBC’s Jim Kramer on Thursday that Ford Motor is creating a unique lane as the automaker follows the electric vehicle market.
Earlier that day, the company announced a new all-electric van aimed at commercial customers, as part of its .5 11.5 billion investment in electric vehicles by 2022.
“This is a big deal for us because what sets us apart is that we are investing in commercial vehicles,” he said. “Ford’s condition is to power our commercial vehicles. We have a 50% market share in the U.S. for commercials.”
It is part of a plan to transform the company after years of declining value under its predecessor and increase its attractiveness on Wall Street. The e-transit is scheduled to be delivered by the end of 2021 and will be marketed as an electric work van, such as Amazon, United Parcel Service and other companies providing delivery and maintenance services.
Ford unveiled its new all-electric transit van on November 12, 2020.
Ford
Ford wants to hold a g-hold on the commercial vehicle market, which has been led for decades by an automobile manufacturer based in Dearborn, Michigan, as E.V.
Ford accounted for 57% of the North American vehicle market in the third quarter, according to its earnings report.
“We sell more than half a million transports a year worldwide, and we’re going to electrify it,” said Furley, whose lineage with the company dates back to the time his grandfather started it at the Michigan plant in 1916.
“The commercial customer is really different than the retailer. They don’t over-gift on the range.” “Our electric vehicles are to bring electrification to the job site so that people can use that battery to power the job site in e-transit.”
However, Ford’s stock tumbled during the session with Broader Market on Thursday. The stock fell 1.44% to 8.21 per share.
Shares have been below double digits so far this year.
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