Former Ford CEO Mark Fields warned the auto industry to not expect quick adoption of electric vehicles.
Fields appeared in an interview on CNBC’s Last Call following Ford striking a deal with the United Auto Workers the day before. While some of Ford’s workers had been on strike for over a month, they all returned to work this week. According to Fields, the industry will have to lower its expectations surrounding the popularity of EVs, because it has a symbiotic relationship with internal combustion engine vehicles.
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“The auto industry, it’s all about getting scale economies and pennies count,” Fields said Thursday. “The ICE business really funds the EV business. You’ve got to keep that golden goose keep producing for them.”
According to the former CEO, a better way to transition the public to EVs would be via hybrid cars. While the shift may take longer than some in the industry are asking for, it would be the most effective, according to Fields.
“Over time, you’re going to see the industry propulsion systems shift to full battery electric,” Fields went on to say. “The issue is, what’s the time frame for that? There’s a lot of excitement around the early adopters, now you’re getting to the tough part of mass adoption.”
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Part of Ford’s deal with the UAW was to include BlueOval city electric vehicle complex in Tennessee in the union’s contract. This four-year contract included a 25% wage increase plus cost-of-living raises.
Currently, the Ford F-150 Lightning performs worse when carrying cargo. AAA put the electric truck to the test, loading the bed with 1,400 pounds of sandbags, which is nearly its maximum capacity. While the F-150’s range is typically 278 miles, this time the loaded EV got to 210 miles, almost a 25% drop.
