Ford Expands into New Technologies

New CEO's Focus on High Growth, New Auto Technologies
Source:  Ford's Jim Farley

Source:  Ford EV Charging Station

Veteran Ford Exec Jim Farley Named CEO
The incoming CEO of Ford, Jim Farley, intends to expand Ford's business operations into new, high growth technologies.  The technologies include software, electric vehicle charging and fleet management.  He says these are new growth initiatives that will result in a great deal of value for Ford.  Farley is a Ford veteran who has overseen virtually all of Ford's global markets.  He succeeds CEO Jim Hackett as Ford's 4th CEO since 2014.

COVID Damage
Jim Farley's job will not be an easy one.  He will be managing global restructuring for Ford operations that took a major hit from the COVID pandemic and forced shutdowns, as did many global corporations.  The US #2 automaker is loaded with debt.  Year to date, Ford's share price is down 26% and its market cap is 1/10th of Tesla.

Transition and Revitalization
Jim Farley most recently served as Ford COO.  He will work with CEO Jim Hackett during a two month transition period.  Ford expects to report a full year loss for 2020 because of the pandemic.  But it posted a Q2 2020 profit thanks to Volkswagen AG's investment in Ford's self-driving Argo AI unit. That investment turned around the operating loss.  Ford is in the midst of revitalizing its brand with a redesign of its highly popular F-150 pickup, a lineup of new Bronco off-road SUVs, plus the highly anticipated electric Mustang SUV.  Add to that Jim Farley's strategy to grow Ford operations into new, high growth technologies.  Ford is making a smart tech bet on its future and the future of transportation.


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