Why Ford CEO Jim Farley is optimistic about 2024 — and how racing plays a crucial role in selling ‘passion’ cars

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Why Ford CEO Jim Farley is bullish on 2024 — and why racing is key to selling ‘passion’ cars

I recently visited Charlotte, N.C., the home of NASCAR, to preview Ford Performance’s new race cars and meet CEO Jim Farley. Farley, also a race car driver, showcased the Mustang GT3 race car and high-performance EVs, expressing optimism about Ford’s prospects in 2024.

Ford Performance launched its 2024 Season, emphasizing its growing presence in various racing endeavors, from NASCAR and GT3 in Europe to off-road events like the Dakar Rally with the Bronco and upcoming Raptor pickup.

Jim Farley
Jim Farley

Farley sees racing as a means to promote passion products like the Mustang and Bronco, believing it can be a profitable business, not just for marketing.

Farley, aiming for a focused approach, shifted Ford away from being all-encompassing to selling exciting cars. Despite challenges in 2023, including labor negotiations and EV demand fluctuations, Ford expects to achieve $10.0 – $10.5 billion in adjusted EBIT in 2023.

Farley is optimistic about 2024, citing a chance for a breakout year due to new product launches and a refined lineup of Broncos and Mavericks.

Ford’s EV strategy includes a pivot to hybrids, aiming to bring down prices as EV sales stabilize at around 10,000 per month. Farley, unfazed by Wall Street skepticism, believes Ford’s focus on passion products and customer choice will lead to success.

Looking ahead, Farley is excited about Ford’s return to Le Mans with the Mustang, aiming to beat Porsche and Ferrari with an affordable American car. Despite challenges, Farley is determined to give his all for Ford’s success in both the showroom and on the racetrack in 2024.

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