Ford CEO: Secret of Ford is our Pro business

In an interview on CNBC’s Mad Money, Jim Farley said Ford is the dominant business in commercial vehicles. 90% of its commercial business in the U.S. is for small businesses, he noted. On the EV side, 60% of customers are new at Ford. “It surprised us,” he said. “We had a cost problem and it’s a priority.” According to Farley, Ford’s strategy is to vertically integrate to reduce costs. Currently it has 600K subscribers for Ford software. It’s a huge profit center and it’s durable, he added.