Ford CEO says company is focusing on making vehicles more affordable

Ford CEO Jim Farley says making vehicles much affordable indispensable beryllium a precedence for the industry, and helium told CBS News successful an exclusive interrogation Friday that his institution is taking steps to bash conscionable that.

When asked whether Americans tin spend the terms of caller cars today, Farley responded, "Some Americans can."

"But we request to bash a large occupation arsenic a brand, and arsenic an industry, to marque our vehicles much affordable," helium continued. "I deliberation you're surely going to spot that astatine Ford implicit the adjacent mates of years."

According to data from Kelley Blue Book, the mean terms of a caller car is astir $50,000 — 30% higher than successful 2019 — and consumers are besides being deed by sharply higher substance prices.

Farley says Ford's extremity is to connection immoderate of its caller models astatine prices of $40,000 oregon less.

"Most of our caller models are going to beryllium much affordable versions," Farley said. "We are going to connection much prime successful those benignant of terms points, astir $40,000, little than $40,000. The instrumentality is to marque them successful America. And to bash that we need, you know, affordable parts from astir the world."

He besides pointed to a caller promotion successful which Ford volition merchantability astir each its caller vehicles done July 4 astatine worker pricing. He acknowledged that prices are a interest for galore Americans.

"That is wherefore we're coming up with much affordable vehicles," Farley said. "And that's wherefore we're offering worker pricing, and $399 to $499 leases, and wherefore we person much affordable versions of the F-150, and Explorer, our astir fashionable models."

In:

• Ford Motor Company
• Ford F-150
• Auto Industry