Tesla's cost-saving measures benefit Ford
【Summary】Tesla's cost-cutting in electric car development is seen as a valuable lesson for Ford, which incurred losses in its Model E division. Ford aims to launch new electric vehicles from 2025 to overcome these losses.
Ford CEO Jim Farley praised Tesla for providing valuable insights into cost-cutting in electric car development and production.
In the last quarter, Ford's Model E electric division faced a loss of $1.3 billion (£1.07bn) due to challenges in the market for the Ford Mustang Mach-E SUV and investments in new EV products.
In an effort to recover from the Model E losses, Ford plans to introduce its second generation of electric vehicles starting in 2025. This includes a new electric pick-up and a seven-seat SUV.
According to Farley, having a great product is no longer sufficient in the EV business.
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