At the Aspen Ideas Festival, Ford CEO Jim Farley suggests a significant change for US automakers: a transition to smaller, more lucrative electric cars
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Farley breaks with conventional tastes by revealing plans for a $30,000 all-electric car that aims to disrupt the market with a small design created by a covert Californian team
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Farley contends that smaller cars will be the future of lucrative EVs, highlighting the necessity for a tactical change in direction, despite America's penchant for enormous SUVs
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The automaker addresses the financial challenges associated with producing electric vehicles, pointing out that the high price of massive EV batteries—roughly $50,000 each—may make them less affordable
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Ford may decide to reconsider its heavy-duty truck portfolio, with an eye on producing an electric variant of the F-150 Lightning
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Farley emphasises the necessity of switching to viable EV models within five years, citing the establishment of global supply chains by Chinese rivals as a driving force
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Speaking to social changes, the CEO emphasises how Americans must adopt smaller automobiles in order to maintain the environment and maintain industrial competitiveness
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Farley's frank comments provide American automakers with a difficult decision: innovate or risk withdrawing to a contracting North American market
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The move to tiny electric vehicles might change customer expectations and the American auto industry as Ford looks to rethink its approach