Ford Motor Co., CEO Jim Farley is making big moves, partnering with Chinese-based Amperex Technology to build an all-electric vehicle battery plant in Marshall, Michigan. This announcement was made during a press conference in Romulus, Michigan on February 13, 2023. Farley is urging investors to shift their focus from Tesla and its FSD driver-assistance systems to Ford’s ”Pro” fleet business, which saw a significant increase in pretax earnings last year. He emphasized the potential of Ford Pro, comparing it to the success of Deere & Co. seven years ago. With half a million subscribers and a 50% gross margin, Ford Pro is positioning itself as the future of the automotive industry. Farley’s bold statements were made during a Wolfe Research conference, signaling Ford’s determination to lead the way in the evolving auto industry.
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