Since Ford CEO Jim Farley took control of the iconic automotive manufacturer last year, the company has faced some challenges while undergoing a bit of a transition. The automaker has gotten off to a pretty good start, sales-wise, this year, but is undoubtedly facing major challenges as a result of the semiconductor chip shortage, supply chain restraints, and the world’s transition to electric power. Thus, Farley revealed a new 10-point plan at this year’s Ford shareholders meeting with some general points on how to get there, as Michael Martinez from Automotive News reports.
Ford CEO Jim Farley is discussing his 10-point plan for transforming the company, which is aptly called “The Plan” pic.twitter.com/t4CZCwaRAG
— Michael Martinez (@MikeMartinez_AN) May 13, 2021
“The Plan,” as Farley calls it, is a mixture of old-fashioned business acumen and a look toward the future. Things like treating customers like family and creating desirable products are just basic good business sense, but the desire to modernize its products while simplifying things and leading the electric revolution, well, those are not always the goals of a legacy company.
However, these points from the Ford shareholder meeting do go hand-in-hand with what Farley has done and said in recent months. In addition to stating his desire to move battery manufacturing in-house, investing in solid-state battery development, and creating a battery research and manufacturing facility, Ford will reveal its first-ever all-electric Ford F-150 – the Ford F-150 Lightning – next week.
Meanwhile, Ford recently doubled its investment into EVs through 2025, while Farley has expressed his desire to slash warranty costs by ensuring vehicle quality, particularly at launch, as well as building and selling more affordable vehicles in the future.