Ford Motor Co. (NYSE:F) CEO Jim Farley said that his 5-year tenure at the Michigan-based automaker has been full of surprises.
Jim Farley Says Ford Has A Good Foundation
Marking his fifth anniversary as the CEO, Farley said that his time at Ford had been full of "surprises," CNBC reported on Wednesday. "I would say what I'm most proud of is the team I built, together with [Ford Chair Bill Ford], as well as the foundation," Farley said.
He also acknowledged the company's progress on its cost disadvantage over rival General Motors Co. (NYSE:GM), including billions in tariff impact. "GM's still better than us on cost, but we made a lot of progress this year. First time, without restructuring, we got a billion year-over-year cost down, which is a big deal," Farley said.
Jim Farley Hails EPA Emissions Changes
Farley also hailed the Trump administration's decision to relax emissions as the Environmental Protection Agency (EPA) seeks to reverse the 2009 Endangerment Finding dictating emissions standards in the U.S.
"We've got to work through a couple of these policy issues that could be a big tailwind for the company," Farley said. "I don't think the market has understood the benefit of the EPA rule change. It's going to be big for our industry, for companies like Ford," he added.
Ford Q3 Deliveries, Extended EV Credit
Farley's comments come as Ford's strong Q3 deliveries led to a surge in share price. Ford reported 85,789 electrified units sold, a 19.8% jump in sales. The F-150 was also the best-selling pickup truck in the U.S. for the 49th consecutive year.
The company is also reportedly offering extended EV credit beyond the September 30 deadline to its customers, with plans to offer incentives on its EVs till the end of the year. The company is doing so by making a down payment on EVs to its dealers via Ford's financing arm to qualify the vehicles for the credit.
EPA Stock Rally, Ford's Recall Woes
The news comes as Ford and GM hit 52-week highs on the NYSE after investors saw the Trump administration's pro-ICE-powered vehicle decisions as favorable factors for the automakers.
However, challenges remain for Ford in the form of several recalls, which have raised questions about the automaker's quality control. Recently, the company issued a recall for over 115,000 F-250, 350 and 450 pickup trucks over issues with the steering column.
Ford scores well on the Value metric, but offers satisfactory Momentum, Growth and Quality. Ford also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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