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Ford CEO Jim Farley, the leader of the 122-year-old company that democratized the car for everyday Americans, said carmakers are facing three “perfect-storm moments” that could prove existential.
Farley took over as CEO in 2020, but has worked at the automaker since 2007. Before that, he spent nearly 20 years at Toyota.
Now, he thinks the three-fold transformation barreling at carmakers represents a “come to Jesus” moment for the industry, and they will have to either meet each of the challenges or face the consequences, he told Rolling Stone.
China
The first threat is Chinese carmakers. As recently as 2022, Western companies dominated the car market in the world’s second largest economy, said Farley. But in 2023, Chinese automakers surpassed Western rivals’ China car sales for the first time, the Wall Street Journal reported.
Volkswagen was the market’s biggest player for a decade. The German automaker sold a high of 4.23 million units in 2019...
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