Former Ford Motor Co. (NYSE:F) CEO Mark Fields predicts that the demand for electric vehicles in the U.S. will grow long-term as customers shift away from ICE-powered vehicles.
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‘Gradual Growth In EV Adoption,' Says Mark Fields
In an interview with CNBC on Friday, Fields said that the EV demand in the U.S. would see a pullback amid the end of the Federal EV credit. "I think you're gonna see a gradual growth in the EV market," Fields added.
He also said that since fossil fuels are "non-renewable energy sources," customers would eventually shift towards EVs, "but it's not gonna be at the pace that the automakers thought."
Jim Farley Says EV Adoption Would Be At 5% In The US, Trump Tariffs Eating Into Profits
The news comes as Ford CEO Jim Farley, during the automaker's third-quarter earnings call, said that EV adoption in the U.S. would be somewhere around 5% amid the current regulatory climate, which favors ICE-powered vehicles more than electric mobility.
Ford also paused production of the F-150 Lightning EV pickup truck, which is the best-selling EV truck in the country, citing aluminium shortages and profitability concerns with EVs.
The CEO also said that Ford was absorbing over $2 billion in additional costs due to President Donald Trump's tariffs on the auto industry. He said that tariffs were eating into 20% of Ford's global profits.
Novelis Fire Incident Leaves Aluminium In Short Supply
Novelis, a key aluminium supplier for Ford as well as other companies like Stellantis NV (NYSE:STLA), reported a major fire incident at its Oswego, New York, aluminium facility, which rendered 40% of the facility unable to carry out production.
Recently, Stellantis also confirmed that the fire has affected the company's Jeep Wagoneer production, with the automaker halting the SUV's manufacturing as a local union leader at the Warren, Michigan, production plant cited aluminium door and hood shortages.
Ford offers satisfactory Momentum Growth and Quality, while also boasting a favorable price trend in the Short, Medium and Long terms. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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