Ford CEO Jim Farley threw the gauntlet at Tesla and its Full Self-Driving autonomous driving system. Farley is confident that Ford Pro is the future.
“If you’re looking for the future of the automotive industry, stop looking at FSD and Tesla. Look at Ford Pro. It’s got half a million subscribers with 50% gross margin,” said Farley on Thursday during the Wolfe Research conference.
Ford Pro is the legacy automaker’s business unit for commercial customers, including fleet operators and government agencies. Ford Pro’s pretax earnings to increase between $8 billion and $9 billion in 2024.
In comparison, Ford Blue’s pretax earnings are expected to reach about $7 billion to $7.5 billion. Ford projects losses of $5 billion to $5.5 billion in its Model e EV. Ford Blue focuses on the company’s internal combustion engine while the Model e unit concentrates on top-of-the-line electric cars.
In November 2023, Ford dealers were opting out of the Model e EV certification program. At the time around 400 dealers dropped out of the program since the initial enrollment figures were shared.
Despite dealer opinions of the Model e EV unit, Ford posted its best-ever quarter for electric vehicles in Q4 2023. It also topped the year off with a total EV sale of 72,608.
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