The CEO of Ford believes that it will take another decade for EVs to reach cost parity with traditional internal combustion engine vehicles

Electric VehiclesHigh Tech / High Touch
Written By Jennifer Joslyn

🔋 The CEO of Ford believes that it will take another decade for EVs to reach cost parity with traditional internal combustion engine vehicles.

Ford CEO Jim Farley believes that electric vehicles (EVs) still have several years to go before they can compete with internal combustion engine vehicles in terms of cost. Speaking at an investor conference, Farley stated that Ford would require another product generation to simplify the design and reduce the costs of its EVs. He projected that cost parity for a typical $40,000 EV would be achieved between 2030 and 2035, during Ford's transition to its third cycle of EV products. Farley emphasized the dominance of lithium iron phosphate batteries by then, along with significantly lower labor and distribution costs.

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Jennifer Joslyn
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