TECH - Jim Farley Says 'Stop Looking At FSD And Tesla' Focus On Ford's Pro Instead: 'If You're Looking For The Future' | Benzinga
Ford Motor Co (NYSE:F) CEO Jim Farley has urged investors to shift their focus from Tesla Inc (NASDAQ:TSLA) to Ford’s “Pro” unit, which he believes is the future of the auto industry.
What Happened: Farley made the remarks at a Wolfe Research conference on Thursday. He suggested that investors should pay more attention to Ford’s “Pro” fleet business, which includes the company’s traditional fleet and commercial businesses, as well as emerging telematics, logistics, and other connective operations for business customers, reported CNBC.
The Pro unit’s pretax earnings are expected to rise to between $8 billion and $9 billion this year. This is higher than the earnings projections for Ford’s “Blue” traditional business of about $7 billion to $7.5 billion and the expected losses in its Model e EV business of $5 billion to $5.5 billion.
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Farley compared the Pro unit to Deere & Co (NYSE:DE) seven years ago, noting that the farm equipment maker’s stock has since increased by about 235%. He also emphasized that Ford Pro is undervalued within the automaker.
“If you’re looking for the ...