Ford Motor Co. (NYSE:F) CEO Jim Farley on Monday hailed the Detroit-based automaker’s domestic manufacturing prowess, which exceeds that of its competitors in the auto industry.
Ford’s Bet On America Pays Off
Touting the automaker’s domestic manufacturing capabilities, Farley, in an op-ed he wrote, said the automaker believes a “bet on America” will always pay off. The article also shared how Ford assembled and sold over 1.8 million vehicles in the U.S., while exporting 311,000 units to other markets and importing 378,000 units into the U.S.
“Ford assembles more than six vehicles in America for every one it imports,” the article said, while also adding that over 83% of its vehicles sold were assembled in the U.S. “We never took a bailout, and we never wavered on our commitment to America and American jobs,” Farley said.
Farley outlined that Ford invests heavily in domestic manufacturing because it drives the “tax base that funds local schools and first responders; it supports the small businesses on Main Street,” while also sharing that Ford employs over 56,300 hourly manufacturing workers in its U.S. plants.
Ford’s Future Hiring Push
Farley also shared the automaker’s plans for its future workforce as well as new product lines in the coming years with multiple powertrains. “Ford – including our subsidiaries – plans to hire thousands of people across America in the next few years to support launching new gas, hybrid and electric vehicles; batteries; and battery energy storage systems,” the CEO said.
He then said that the automaker is planning major launches at its EV-focused facilities in Glendale, Kentucky and the BlueOval Battery Park in Michigan. The Ohio Assembly Plant, as well as the Tennessee Truck Plant, were also in the automaker’s plans.
Ford’s EV Rollback, Workforce Woes
The automaker recorded a $4.8 billion annual loss in its EV efforts, as well as recording a $19.5 billion writedown that included $8.5 billion that was related to its canceled EV programs. However, its upcoming Universal EV Platform has been touted by the CEO as an important element in its strategy to offset Chinese influence on the global auto industry.
Farley had earlier shared that Ford had over 5,000 openings for skilled technicians that paid over $120,000 annually. President Donald Trump, on the other hand, said that the openings signified economic strength, saying that the automaker could incorporate robots in the future.
According to Benzinga Edge Rankings, Ford offers satisfactory Momentum, but fails to provide a favorable price trend in the short, medium, and long term.
Price Action: F surged 0.25% to $12.16 at market close on Monday, further surging 0.07% to $12.17 during the after-hours trading session.
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