Ford CEO Flags Need For More In-House Work Roles As Automaker Transitions Focus On EVs

In a conference in Detroit, Ford Motor Company F Chief Executive Jim Farley said the company would need 40% fewer workers to make electric vehicles than building cars and trucks powered by petrol.
"It takes 40 percent less labor to make an electric car, so . . . we have to insource so that everyone has a role in this growth," Farley said.
"We have a whole new supply chain to roll out in batteries and motors and electronics, and diversity has to play an even greater role in that," Farley said.
Financial Times reported that the United Auto Workers union estimated in 2018 that the transition to EVs could cost 35,000 jobs out of the 400,000 workers it represents.
Jim Farley warned of "storm clouds" in the next phase of switching to EVs as Ford pursues aggressive sales goals.
In August, Ford announced its plans to slash about 3,000 salaried and contract jobs to concentrate on the electric vehicle business.
He noted that Tesla Inc TSLA, the leading U.S. electric vehicle maker, builds much of the hardware for its electric vehicles, including batteries. Tesla's profit margins are now superior to Ford's.
"We want to be No. 1," Farley said at the conference in Detroit.
Price Action: F shares are down 0.70% at $14.20 during the premarket session on the last check Wednesday.