Washington (EFE).- The president and CEO of Ford, Jim Farley, revealed this Thursday that the automobile company is considering reducing its presence in Europe to boost its profitability in the region, which in 2022 only registered an operating result of 47 millions of dollars.
“The decision now is how many engineers, how many people do we need in Europe, and what is the dimension that we need in (the segment) of passenger cars. That is the decision,” Farley said Thursday in a call with analysts and journalists to discuss 2022 financial results.
Farley added: “Now is not the time to talk about what we are going to do. We know exactly where our strength is in Europe and we know what we need to do. And we won’t wait long to say it.”
He had already indicated that in Europe Ford is particularly strong in the commercial vehicle segment and that it is in the process of converting it to electric (EV).
Ford missed targets in 2022
Farley expressed his frustration with the 2022 results, acknowledging that he missed his goals by losing $2.152 million worldwide despite revenue growing 15.9% to $158.057 million.
On the conference call, Farley and Ford CFO John Lawler blamed the losses on rising costs and, especially, problems with the supply chain.
Farley added that the company has not gone far enough in the “complete restructuring” of its industrial system.
Next, he warned that he would respond to this deficit “urgently”, using the industrial restructuring carried out in recent years in South America as a model.
In this sense, Farley said that in China the company has to do the same as it did in South America: reduce its size, concentrate the business and make it more profitable.
Ford’s president also said that “you can’t be successful in the electric vehicle business if you don’t compete with China.”
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