Ford CEO Jim Farley says company is focusing on making its vehicles more affordable

Ford CEO Jim Farley emphasized the importance of making vehicles more affordable for consumers in a recent exclusive interview with CBS News. Farley stated that Ford is committed to taking steps to ensure that their vehicles are more accessible to a wider range of Americans.

When asked about the affordability of new cars in today’s market, Farley acknowledged that while some Americans can afford the current prices, there is still a need for the industry to make vehicles more affordable overall. He reassured that Ford is dedicated to this goal and that consumers can expect to see more affordable options in the coming years.

Recent data from Kelley Blue Book reveals that the average price of a new car is nearly $50,000, a 30% increase from 2019. Coupled with rising fuel prices, consumers are feeling the strain on their wallets. Farley shared that Ford’s aim is to offer new models at prices of $40,000 or less, making them more accessible to a broader audience.

Farley explained, “Most of our new models will be more affordable versions, offering more choice at price points around $40,000 or less. The key is to manufacture these vehicles in America and source affordable parts globally.”

As part of their efforts to make vehicles more affordable, Ford has introduced a new promotion where nearly all new vehicles will be sold at employee pricing through July 4. Farley acknowledged the concerns around pricing and highlighted the company’s commitment to offering more affordable options, including $399 to $499 leases and budget-friendly versions of popular models like the F-150 and Explorer.

While Farley refrained from commenting on specific trade policies, President Trump recently announced a 25% tariff on European-made vehicles, citing non-compliance with a trade deal. Farley emphasized the importance of focusing on the Chinese auto market, which caters to lower-priced vehicles compared to Europe.