Ford CEO says FY24 CAPEX will likely be at low end of guided range

CEO Jim Farley says: “this year, we expected to spend about $10 billion as a company. We’ve now guided $8 billion to $9 billion will probably be on the low end of that range. And we’re being very consistent about our discipline on profitability. We expect every one of our EVs to make money in the first 12 months, and that is a very disciplined process. In fact, we delayed the launch of our 3-row crossover, which is a great product, 2 years, not only to match the slower growth in EV but more importantly to take advantage of new battery chemistry and formats to substantially reduce the cost of the batteries for that vehicle. We’ll do everything it takes to be profitable in the first 12 months of our vehicles.”