Ford CEO Jim Farley builds electric F-150 lightning on April 26, 2022, at the Dearborn, Michigan plant.
CNBC | Michael Wayland
Detroit – President Donald Trumpaccording to Ford electric motor CEO Jim Farley.
CEO description of the second largest automaker in the United States 25% tariff on steel and aluminumin addition to threatening the same taxes in Mexico and Canada, with the addition of “a lot of costs and a lot of chaos” to the industry.
“That’s what we’re dealing with right now,” Farley said at the Wolf Research Investment Conference on Tuesday.
Farley and the upcoming Ford CFO Sherry House said most of the company’s steel and aluminum are sourced domestically. However, there are some automakers who are suppliers from such materials outside the country, which can affect costs.
Farley seems to be most concerned about the potential responsibilities of Mexican and U.S. goods, saying the 25% tariff could come into effect on March 1 would be “destructive” and that “in the U.S. industry, we’ve never seen it before A vulnerability.”
