Ford (F) - Get Ford Motor Company Report CEO Jim Farley joined TheStreet to talk about the companies biggest manufacturing investment in its 118-year history and why now is the time to pivot to electric vehicles.
In case you missed it, Ford announced that it would be investing $11.4 billion with SK Innovation to build a new mega campus in Tennessee and Twin Battery Plants in Kentucky that would create 11,000 jobs.
“This is our moment – our biggest investment ever – to help build a better future for America,” Farley said in the press release about the investment. “We are moving now to deliver breakthrough electric vehicles for the many rather than the few. It’s about creating good jobs that support American families, an ultra-efficient, carbon-neutral manufacturing system, and a growing business that delivers value for communities, dealers, and shareholders.”
So, why is Ford so focused on electric vehicles?
"I like to think of these products kind of like flip phones going to the iPhone. We're kind of going through the same phase. It's not just the battery in the iPhone, it's all the cameras and the embedded technology that's going to change the experience for customers, not just that it's powered by electrons," Farley told TheStreet.