Ford CEO on making money on EVs

‘After 120 years we've seen a lot of competition’ says Ford (F) CEO Jim Farley to Yahoo Finance Executive Editor Brian Sozzi. His comments come as the automaker unveils a 1 billion dollar 30-acre innovation district, centered around the iconic Michigan Central Station. Sozzi asked if Farley had a date on the calendar for making money on the big EV push, ‘we wouldn't allocate capital if i didn’t think it was profitable’ he responded. The new development serves as something of an emblem for Ford’s future ambitions; much of that, today, takes the form of the push into electrification. It hasn’t been an easy road, but despite fierce competition from the likes of Elon Musk’s Tesla, Ford has managed to establish itself as America’s No. 2 electric vehicle brand. Price cuts for the F-150 Lightning and the Mustang Mach-E have been a part of the strategy however; the latter being the second bestselling electric SUV in the United States last year. Earlier this year, however, something of a bombshell; the company announced it was reassessing its EV plans, saying though there was growth to come, widespread adoption would take time. ‘The hard part is delivering and executing affordable EVS that make money’, Farley added. You can watch the full video here.