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Tag: Jim Farley

  • Ford Announces $3.5B LFP Battery Plant in Michigan

    Ford Announces $3.5B LFP Battery Plant in Michigan

    Ford unveiled plans to build a lithium iron phosphate (LFP) battery plant in Michigan, a $3.5 billion investment that will create 2,500 new jobs.

    LFP is a new battery chemistry for the automaker, one that offers a number of advantages over traditional nickel cobalt manganese (NCM). LFP batteries are more durable, can be charged faster, and use less high-demand materials in their construction.

    Ford’s new Michigan-based plant, BlueOval Battery Park Michigan, will create both NCM and LFP batteries, initially employing 2,500 workers. The company will be able to ramp up beyond that initial number as demand increases.

    “We are committed to leading the electric vehicle revolution in America, and that means investing in the technology and jobs that will keep us on the cutting edge of this global transformation in our industry,” said Bill Ford, Ford executive chair. “I am also proud that we chose our home state of Michigan for this critical battery production hub.”

    Initial production at the new plant is slated for 2026, but the company plans to incorporate LFP batteries in the Mustang Mach-E as soon as this year, and in the F-150 Lightning in 2024.

    “Ford’s electric vehicle lineup has generated huge demand. To get as many Ford EVs to customers as possible, we’re the first automaker to commit to build both NCM and LFP batteries in the United States,” said Jim Farley, Ford president and CEO. “We’re delivering on our commitments as we scale LFP and NCM batteries and thousands, and soon millions, of customers will begin to reap the benefits of Ford EVs with cutting-edge, durable battery technologies that are growing more affordable over time.”

    News of the investment was welcomed by Michigan Governor Gretchen Whitmer:

    “Ford’s $3.5 billion investment creating 2,500 good-paying jobs in Marshall building electric vehicle batteries will build on Michigan’s economic momentum,” said Governor Whitmer. “Today’s generational investment by an American icon will uplift local families, small businesses, and the entire community and help our state continue leading the future of mobility and electrification. Let’s continue bringing the supply chain of electric vehicles, chips, and batteries home while creating thousands of good-paying jobs and revitalizing every region of our state. Since I took office, we’ve secured over 30,000 auto jobs and landed multiple electric vehicle and chip-making factories. We’re on the move, so let’s keep our foot on the accelerator.”

  • Ford Plans to Cut 3,000 Jobs

    Ford Plans to Cut 3,000 Jobs

    Ford’s restructuring plans are coming into focus, with the automaker planning to cut 3,000 jobs.

    First reported by Automotive News and confirmed by TechCrunch, Ford is looking to restructure and reduce costs. The move comes as the company is increasingly transitioning to hybrid and electric vehicles (EVs), making some skill sets less desirable than they once were.

    “We absolutely have too many people in certain places. No doubt about it. And we have skills that don’t work anymore, and we have jobs that need to change,” CEO Jim Farley said in July 2022, via TechCrunch. “We have lots of new work statements that we’ve never had before. We are literally virtually reshaping our company, like every part of our company. And you know the ICE business, we want to simplify it, we want to make sure the skills we have and the works statements we have are as lean as possible. We know our costs are not competitive at Ford. That’s what I mean by we are not satisfied.”

    Earlier reports had put the number of job cuts as high as 8,000. Those reports indicated the layoffs would largely be in the company’s Ford Blue unit, responsible for internal combustion engine (ICE). In contrast, the company’s Ford Model e unit is dedicated to its EV development.

  • Ford May Lay Off 8,000 to Fund EV Development

    Ford May Lay Off 8,000 to Fund EV Development

    Ford may be preparing to lay off 8,000 employees as the automaker pivots to the electric vehicle (EV) market.

    Ford has been working to transition its lineup to hybrid and EVs, with the Mustang Mach-E even toppling Tesla’s Model 3 in Consumer Reports’ ranking. According to Bloomberg, the company is now planning on cutting 8,000 jobs in an effort to help fund its continued EV transition.

    The cuts will primarily be in the Ford Blue unit, the division responsible for internal combustion engine development. There will also be cuts to other salaried positions throughout the company.

    The news is not particularly surprising, with CEO Jim Farley warning the company had too many people.

    “We have too many people,” Farley said in February, at a Wolfe Research auto conference. “This management team firmly believes that our ICE and BEV portfolios are under-earning.”

    Bloomberg reached out to Ford for comment. Although it declined to comment on layoffs, its spokesperson did say the company is continuing to realign to focus on EVs.

    “As part of this, we have laid out clear targets to lower our cost structure to ensure we are lean and fully competitive with the best in the industry,” Chief Communications Officer Mark Truby said in a statement.

  • Ford CEO Says the Company Will Not Spin Off EV Division

    Ford CEO Says the Company Will Not Spin Off EV Division

    Ford CEO Jim Farley has told a group of investors the company has no plans to spin off its EV division.

    Ford is going all-in on EVs, determined to compete with Tesla and other dedicated EV makers. The company’s Mustang Mach-E recently dethroned Tesla’s Model 3 as Consumer Reports’ top EV recommendation.

    While some investors were hoping the company would spin off its EV division, Farley has thrown cold water on that idea, according to TheStreet.

    “We have too many people, we have too much investment, we have too much complexity and we don’t have expertise in transitioning our assets,” Farley said. “(But) we have no plans to spin off our electric business or our ICE business.”

    The company’s stock was down on the revelation, but keeping its EV business in-house may pay dividends in the long run.

  • Dealers Beware: Ford Will Withhold Inventory From Those That Gauge Customers

    Dealers Beware: Ford Will Withhold Inventory From Those That Gauge Customers

    Ford CEO Jim Farley is laying down the law, warning dealers the company will withhold inventory from those that gouge customers.

    Automakers around the world are struggling with a shortage of semiconductors and components, leading to constrained inventory. Some dealerships have responded by trying to take advantage of the situation, charging customers exorbitant prices.

    The practice hasn’t gone unnoticed by the powers that be at Ford, according to Bloomberg. In fact, Farley is promising such behavior will cost those dealerships.

    “We have very good intelligence of who they are and their future allocation of product will be directly impacted because of that policy,” CEO Jim Farley said Thursday on a conference call with analysts. “We have about 10% of our dealers last year in the supply constrained environment that we’re in charging above MSRP to the best of our knowledge.”

    Any time there is constrained supply, there are always those who would take advantage of people. Hats off to Farley and Ford for cracking down on such behavior.

  • Ford and Salesforce Partner on VIIZR, Small Business SaaS Tool

    Ford and Salesforce Partner on VIIZR, Small Business SaaS Tool

    Ford and Salesforce are partnering on VIIZR, a Software as a Service (SaaS) tool designed for small businesses.

    VIIZR is designed for small businesses, especially those whose workers operate in the field. Electricians, HVAC personnel, plumbers, and the like are ideal candidates, with VIIZR designed to help with scheduling, invoicing, and more.

    The tool is built on Salesforce Field Service, as well as Ford Pro, Ford’s commercial vehicle and service business. The two companies hope to take advantage of the field service management market, estimated to be worth $3 billion annually in the US alone. The market is projected to double in the next six years, potentially making the two companies’ collaboration a major payoff.

    “For more than 100 years, Ford has been the backbone of commercial business,” Ford CEO Jim Farley said. “Salesforce is the global leader in CRM and together, Ford is excited to bring advanced digital tools to the trades to help drive the productivity of their business.”

    “Small business owners are the foundation of our communities, and every day across America plumbers, electricians and landscapers step into their Ford vehicles to build our economy,” said Marc Benioff, chair and co-CEO of Salesforce. “We’re thrilled that our incredible new partnership with Ford will help energize millions of entrepreneurs in the trades with the power of Salesforce so they can deliver for their customers and take their businesses to the next level.”

  • Ford Building EV Plants in Kentucky and Tennessee, Creating 11,000 Jobs

    Ford Building EV Plants in Kentucky and Tennessee, Creating 11,000 Jobs

    Ford has announced it is investing $11.4 billion to create four plants in Kentucky and Tennessee, bringing 11,000 jobs to the region.

    Like most auto makers, Ford is racing to transition its lineup to electric vehicles. The company is set on leading the industry, building on the success it’s had with the Mach-E.

    As part of its plans, Ford, along with partner SK Innovation, is investing $11.4 billion to build a truck factory in Tennessee, as well as three battery plans, one in Tennessee and two in Kentucky. The investment will create 11,000 new jobs, 6,000 in Tennessee and 5,000 in Kentucky.

    “This is a transformative moment where Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing,” said Ford Executive Chair Bill Ford. “With this investment and a spirit of innovation, we can achieve goals once thought mutually exclusive – protect our planet, build great electric vehicles Americans will love and contribute to our nation’s prosperity.”

    “This is our moment – our biggest investment ever – to help build a better future for America,” said Jim Farley, Ford president and CEO. “We are moving now to deliver breakthrough electric vehicles for the many rather than the few. It’s about creating good jobs that support American families, an ultra-efficient, carbon-neutral manufacturing system, and a growing business that delivers value for communities, dealers and shareholders.”

  • Ford Expects 40% of Its Global Vehicles to Be Electric by 2030

    Ford Expects 40% of Its Global Vehicles to Be Electric by 2030

    Ford has unveiled its Ford+ plan, including IonBoost batteries and plans to have 40% of its vehicles electric by 2030.

    Virtually ever major automaker is working to transition to electric vehicles (EV), and Ford is no exception. The company had previously committed to all its European passenger vehicles being all-electric by 2030. The company also moved its battery EV battery production in-house.

    Ford has expanded on its plans, saying it expects 40% of its global vehicle volume to be all-electric by 2030. A big part of that plan is the in-house IonBoost line of batteries. There will be two variations of the batteries: IonBoost lithium ion for passenger vehicles and IonBoost Pro lithium iron phosphate batteries for commercial vehicles. The company also plans to introduce affordable solid-state batteries, based on tech from Solid Power, which Ford owns a stake in.

    “I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time,” said Ford CEO Jim Farley. “We will deliver lower costs, stronger loyalty and greater returns across all our customers.

    “This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands.”

    https://youtu.be/i5h7z-hcnxk?list=PLCFM1h5Oz66hsasDHZgEg_rSktVHl0ZS-

  • Ford Partners With Google For Cloud, Data, AI and Machine Learning

    Ford Partners With Google For Cloud, Data, AI and Machine Learning

    Ford has named Google its preferred partner in its connected vehicle efforts, also naming Google Cloud as its preferred cloud platform.

    Like virtually every other traditional automaker, Ford is under increased pressure to focus on the next generation of data-driven, connected vehicles — an area where Tesla is seen as having a commanding lead. As a result, many automakers are turning to the world’s leading cloud platforms to help them make the transformation.

    Ford and Google are forming a new collaborate group, Team Upshift, “that will push the boundaries of Ford’s transformation, unlock personalized consumer experiences, and drive disruptive, data-driven opportunities.”

    As part of the partnership, Ford will rely on Google Cloud, and Google’s expertise in artificial intelligence (AI), machine learning (ML) and data. Millions of Ford and Lincoln vehicles across all price points will provide an Android-powered digital experience, along with Google apps and services. Google Assistant, Google Maps and Google Play will all be available, with Android making it possible for developers to build additional apps.

    “As Ford continues the most profound transformation in our history with electrification, connectivity and self-driving, Google and Ford coming together establishes an innovation powerhouse truly able to deliver a superior experience for our customers and modernize our business,” said Jim Farley, President and CEO of Ford.

    “From the first moving assembly line to the latest driver-assist technology, Ford has set the pace of innovation for the automotive industry for nearly 120 years,” said Sundar Pichai, CEO of Google and Alphabet. “We’re proud to partner to apply the best of Google’s AI, data analytics, compute and cloud platforms to help transform Ford’s business and build automotive technologies that keep people safe and connected on the road.”