Jim Farley took over from Jim Hackett as the CEO of Ford on October 1, 2020. Farley's biggest asset is that he has always had a reputation as a "car guy." Having that behind you at a company is a huge accomplishment because it is one of the highest praises in the automotive industry.
Taking over at Critical Time
Farley stepped into the role of CEO at Ford at a time when most believed that Ford had lost its way and lagged behind its competitors. Many issues hindered the progress of the company, such as weak leadership, vague promises, and a lack of transparency. Many feared that Ford was losing its competitive edge in its vehicle lineup.
Many Game-changers on the Lineup
Today, many game-changers sit on the lineup at Ford, and the car buyer can get excited about the impressive vehicles on offer from this strong brand. Many Ford buyers cringed at the thought of an electric Mustang, but Farley navigated this bias with his expert choice to give it a subbrand called the Mustang Mach-E.
Already, it outsells the original muscle car, a testament to the foresight of a visionary.
We see the Ford F-150 changing gears to electric in 2022 with the Ford F-150 Lightning. Reaching a driving range of 300 miles, the F-150 Lightning adds to one of the longest and most popular Ford legacies, which has run for over 44 years.
How Farley's Leadership Differs
Under Farley's leadership, Ford invests more love and care into its commercial vehicle segment. You see them add the electric e-Transit, and they plan to develop autonomous delivery vans. The traditional business model that Ford has long clung to has been upended as Farley kicked back in the CEO's chair. For a company that critics accused of lacking innovation, this is just what the company needed.
Rapid Electrification
Seeing as how the car buying trend favors electric vehicles, Farley has chosen to invest more in electric vehicles. We see not only new EV models for the Ford and Lincoln, but Ford will even add wholly electric vehicle assembly plants.
Conclusion
Ford forecasts that 40 percent of its sales in the US will come from EVs by 2030. For a company not seen as a serious competitor in the EV market a couple of years ago, that's some serious progress, and we can attribute much of it to Jim Farley's leadership. In the short time that Farley has taken over, he has changed the company in a way that makes it more successful, which is why he's the 2022 MotorTrend Person of the Year. If you'd like to learn more about Farley or Ford vehicles, visit our dealership.