The Ford-GM rivalry is taking on an urgent new dimension as the companies enter the electric age and take on Tesla. “This will make for a great business-school case study someday.”
‘We said, ‘Look, what’s the scrappiest way to get in market with an electric F-150?’ ’ says Ford CEO Jim Farley.But Tesla remains Target No. 1, and the pickup-truck market offers GM and Ford a chance to close the gap. Both got EV trucks to market ahead of Tesla’s futuristic-looking Cybertruck, which Tesla has said will arrive next year. Ford and GM executives believe their experience and brand loyalty in pickups—by far their biggest moneymakers—will give them an edge.
GM’s EV efforts sometimes faltered. The EV1 never took off. The Volt fell short of sales targets, and GM phased it out. The Bolt has been badly outsold by Tesla’s similarly sized models. In 2017, Mr. Farley was running Ford’s business in Europe, where governments were aggressively pushing green-energy cars. He didn’t think Ford was moving fast enough on EVs, he said.
Mr. Farley became Ford’s CEO in October 2020 and the next May outlined a new strategy calling for a $30 billion EV investment, similar to GM’s spending target. About one-third would go toward three new battery factories in Tennessee and Kentucky and a new EV-truck plant near Memphis.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
E-40 Predicted Warriors In 6 After Gm 1 Loss, Believes More Titles Coming To GSE-40 nailed his NBA Finals prediction -- 'Warriors in 6' -- and now he says the team is just getting started!
Read more »
GM invests $81 million to hand-build Cadillac Celestiq EV in MichiganThe hand-built Celestiq will be the sort of fabulous flagship car Cadillac became famous for.
Read more »
GM invests 81 million to hand-assemble Cadillac Celestiq | Car News | Auto123GM is investing 81 million at its Warren Technical Center to hand-assemble the upcoming Cadillac Celestiq. Auto123 has the info.
Read more »
GM met 81 millions pour assembler la Celestiq à la main | Actualités automobile | Auto123GM investit 81 millions à son Centre technique de Warren pour assurer l’assemblage à la main de la future Cadillac Celestiq. Auto123 a les infos.
Read more »
Cadillac Celestiq to debut in late July, enter production at GM Global Tech CenterTeaser images of the Cadillac's forthcoming electric vehicle flagship suggest a full production reveal later this year.
Read more »
Phoenix Suns hire NBA associate VP Morgan Cato as an assistant GM, VP basketball operationsWorking nearly 10 years for the NBA, Morgan Cato will be the first woman of color working as an assistant general manager for an NBA team in Phoenix.
Read more »