It’s funny, but it hasn’t worked out that way, not by a long shot. As reported by FordAuthority.com, this is what Farley said just this week: “Well, I’ve been at Ford for over 15 years, and there’s really been one period of time where we did have our costs in a competitive zone, which is in ‘08, ‘09, but we restructured to do that in North America, and then the cost came screaming back,” Farley was speaking at a fireside chat at the recent Wolfe Research Auto, Auto Tech and Semiconductor Conference in New York. “So, for us as a leadership team, it’s been a humbling journey, but it became very clear to me about a year and a half ago that we had to change our approach to cost.”

 

Wait a minute. Farley said on the record that it only became clear to him “about a year and a half ago” that the company had to change its approach to cost? Last time I checked, this guy has had the Ford reins in his hands since October 1, 2020. And what has he accomplished, exactly?

 

Well, let’s see. Did he fix Ford’s recurring quality issues and launch problems? No. He has spent his reign reacting to Ford’s quality missteps and launch problems, after the fact. He hasn’t fixed a damn thing. As for the company’s fundamental cost issues, again, as reported by FordAuthority.com: “Ford CEO Jim Farley has long made it quite clear that the automaker needs to cut costs in a big way, as he sees a huge perceived cost gap between The Blue Oval and its rivals. In fact, then-Ford CFO John Lawler pointed out that this very same cost gap stood at somewhere between $7-$8 billion back in 2023, which is precisely something Ford has been working to trim back in the years since. However, according to Farley, it seems as if Ford hasn’t been cost competitive in quite a few years.”

 

I could say something pithy right now, but how about this: noshitdotcom?

 

And now, Farley is expecting Wall Street-types and other analysts to believe him when he says that he has the magic solution for producing competitive EVs against the Chinese EV onslaught, right here in the U.S. Farley says that his “skunkworks” EV team in California has it all figured out and that Ford it will push the company back in the affordable EV race in no time. The problem? Did you hear that? It’s the sound of one-hand clapping on Wall Street, because Farley’s credibility is a nonstarter at this point. As for the stock price, is it really worth mentioning that lost cause?

 

Farley told investors at the same conference, according to the Detroit Free Press, that Ford is in "good shape" after restructuring its EV investment strategy. That's even after the automaker lost about $5.1 billion on its EVs last year. I guess "good shape" to Farley means that he's still in charge, because all other signs indicate that the company is well and truly screwed.

 

Farley now says that the future is more affordable EVs and extended-range hybrids, which is the biggest “duh” in the business right now. "That will give us a huge benefit, because we believe that EV demand is still out there, that there is a very underserved group of people on the super affordable," Farley said. "But these very large EVs that cost $50,000, $60,000, $70,000, we don't believe in. We think (extended-range electric vehicle) or hybrid is a much better, more profitable investment in our capital."

 

Wait a minute, isn’t this the same guy who insisted that the EV version of its F-150 pickup – the Lightning – would change the business forever and establish Ford as one of the most forward-thinking companies in the world? Oh, that.

 

Well, guess what? The Lightning, which when fully-equipped soared into the $90,000 range, is now officially dead in the water. On top of which, Ford just announced that it is delaying the next generation F-150, its franchise vehicle, until 2028. You can expect the Lightning to quietly be reimagined as an extended-range hybrid, if anyone still cares by then.

 

The only reason I’m bringing this up this week is that Farley seems to be blundering along with impunity, and no one in Dearborn is calling him out or questioning his performance – and this, after he’s drawn close to $100 million in salary, stock options and benefits out of the company during his tenure.

 

It’s time for a sea change at the Ford Motor Company, one that doesn’t include the current CEO, because this just in: Farley has been powered by gobbledygook, double-talk and excuses, handicapped by deeply flawed strategies, late reactions or flat-out inaction, and he is incapable of fixing the company’s recurring quality and launch issues. In short, he has been an unmitigated disaster.

 

In the best interest of the future of the Ford Motor Company, it’s time for Farley to go. His fifteen minutes are up.

 

And that’s the High-Octane Truth for this week.