Ford CEO tells Wall Street: Forget Tesla

On Thursday, Ford Motor CEO Jim Farley encouraged Wall Street to shift its focus away from Tesla and its FSD driver-assistance systems, suggesting that the future of the auto industry should be centered on Ford’s “Pro” fleet business.

Farley drew parallels to Deere & Co., noting that the “Pro” unit, with a nearly doubled pretax earnings of $7.2 billion last year, mirrors the trajectory of Deere & Co. seven years ago, which has seen a stock increase of about 235% since that time.

“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,” Farley said during a Wolfe Research conference.

Ford Pro encompasses the conventional fleet and commercial segments of the automaker, alongside emerging facets like telematics, logistics, and other connectivity services tailored for diverse business customers, ranging from local tradespeople to large corporations.

It also encompasses parts and services catering to businesses, CNBC reported.

READ MORE: https://www.cnbc.com/2024/02/15/ford-ceo-forget-tesla-pro-unit-is-auto-industrys-future.html

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