Ford CEO: EV adoption is about consumers, not regulators or politicians

Ford Motor Co. CEO Jim Farley took to LinkedIn on Friday to emphasize politics and policy won't be what turns the United States to electric vehicles — ensuring they are desirable and accessible will.

"The tipping point we’re working toward will come not from regulators who push us or from politicians who try to hold us back," Farley said in a post titled "Confessions from a lifelong Petrol Head. I love electric vehicles and it has nothing to do with politics" that was shared hours after President Joe Biden and former President Donald Trump took to the stage for their first debate of the election season.

Farley continued that the tipping point "will come from consumers. Not when an arbitrary market share is reached, but when electric vehicles are simply better for more customers — better to drive, cheaper to own, and easier to integrate into daily life. This is the reality for millions already."

The role of the government in the EV transition is a major difference between policies espoused by the presumed major-party candidates for president, contributing to the politicization of EV ownership. The Biden administration as a part of its environmental initiatives has finalized the most stringent tailpipe emissions reduction standards to date, approved funding for charging infrastructure and rolled out incentives for the manufacturing of EVs and their parts in the United States here, while reforming requirements around tax credits for consumer purchases of plug-in models.

Meanwhile, Trump has promised to roll back regulations as he did during his previous administration. He has said many Americans don't want EVs, arguing they are too expensive and less reliable than gas-powered vehicles because of their range, charging speeds and performance in varying weather conditions. As a result, he has suggested American manufacturing could be put at risk.

Ahead of his appearance Friday at the Aspen Ideas Festival in Colorado, Farley in his post recognized that the Dearborn automaker is losing money on its early EV models "largely due to the upfront investment costs." Ford is predicting its Model e EV division will lose up to $5.5 billion in 2024. Executives have said the company's next generation of EVs will be cheaper to build.

"We are in a global race to compete in a future where electric propulsion will undoubtedly be a giant force in transportation," the CEO wrote. "America cannot cede innovation leadership to China, Europe, or any other region."

Although Ford has said it's moving forward with a portfolio of gas-powered and hybrid vehicles in addition to EVs, Farley highlighted his own experience with his F-150 Lightning Platinum. He discussed that almost all drives Americans take are within the range of Ford's EVs and noted the declining prices of EVs, the cost savings from fuel and maintenance, and the loyalty rates of EV buyers.

"For me, and for millions of Americans," he wrote, "electric vehicles are removing daily hassles and reminding us why we love to drive."