Ford engine Newly installed CEO Jim Farley told CNBC’s Jim Cramer on Thursday that the automaker will embark on a unique lead as the automaker investigates the electric vehicle market.
Earlier that day the company announced a new all-electric van Target audience of business customers as part of the $ 11.5 billion investment in electric vehicles by 2022.
“This is a big thing for us because what sets us apart is that we invest in commercial vehicles,” he said in the “Bad money“Interview.” Ford’s bet is to electrify our commercial vehicles. We’re 50% of the US advertising market. “
It is part of Farley’s plan to transform the company and make it more attractive on Wall Street after years of depreciation for its predecessor. The E-Transit, which should be delivered at the end of 2021, will be marketed as an electric work vehicle for companies Amazon, United Parcel Service and other companies that provide delivery and maintenance services.
Ford unveiled its new all-electric transit van on November 12, 2020.
Ford wants to maintain a stronghold in the commercial vehicle market, which the Dearborn, Michigan-based automaker has led for decades as companies scrap gasoline and diesel vehicles for electric vehicles.
According to its earnings report, Ford had a 57% share of the North American vehicle market in the third quarter.
“We sell and electrify over half a million transits annually around the world,” said Farley, whose ancestry with the company dates back to his grandfather’s start in a Michigan facility in 1916.
“The commercial customer is really different from retail. They don’t buy too much within reach,” he added. “Our electric vehicles will electrify the construction site so that people can use this battery in e-transit to power the construction site.”
However, Ford shares fell along with the broader market on Thursday during the session. The stock fell 1.44% to $ 8.21 per share.
The shares have remained in double digits so far this year.