Ford ‘bets on’ the US, suspends all joint operations in Russia
Ford CEO Farley on going all-American, suspending joint-venture operations in Russia ‘until further notice’
Ford president and CEO Jim Farley says the auto maker is doubling down on EV and domestic investments.
After American automaker Ford announced it was halting its joint-venture operations in Russia, president and CEO Jim Farley said Wednesday the company is going all-in on the U.S.A. on "Varney & Co."
"We bet on the United States," Farley told FOX Business’ Stuart Varney. "We have a lower percentage of our production in Canada and Mexico than any one of our competitors. And we build more and we export more from the United States."
In a statement released Tuesday, Ford said it’s "deeply concerned" by the Russian invasion of Ukraine, forcing the company to "reassess" its relationship with Russia. The suspension was effective immediately, and will stay in place until further notice.
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"While we don’t have significant operations in Ukraine, we do have a strong contingent of Ukrainian nationals working at Ford around the world and we will continue to support them through this time," the press release said.
A logo at the Sollers Ford car factory. (Yegor Aleyev\TASS via Getty Images)
Following comments providing strong support for Ukraine, President Biden praised Ford in his State of the Union address, noting the company’s electric vehicle investments and job creation. When asked why the President didn’t nod to top EV-producer Tesla, Farley laid out the facts.
"All I know is that Ford has the largest employee base of any car company in the United States," Farley said. "I can't talk about Tesla and the others or what goes through the administration's mind. All I know is we're number one and we're going to keep it that way."
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Ford president and CEO Jim Farley explains the company’s decision to halt all joint-venture operations in Russia.
Ford’s commitment to make 2 million electric cars by 2026 will cost $50 million, according to Farley, who says the company’s just getting started in the EV race.
"We just started to compete, to be honest," the CEO said. "We're just ramping up production… But yes, most of our capital is going towards this digital electric future."