The 120-year-old company shows the importance of knowing your limits
relishes a challenge. In January Ford’s boss, an enthusiastic amateur racer of historic cars, made his professional debut on the track in a powerful modern Mustang-4. Yet the risks of tearing round a circuit are nothing compared with manoeuvring Ford, which on June 16th will celebrate 120 years in business, through a new age of carmaking. Ford, like other legacy firms, is trying to reinvent itself to compete in an era of electrification and software-defined vehicles.
Mr Musk’s biggest contribution to carmaking may be proving that electric vehicles , which have been losing the incumbents money for years, can turn a profit. Tesla’s operating margin, of 17% in 2022, was comfortably higher than those that most established carmakers enjoy on their petrol-powered ranges. To achieve his goal he is following Mr Musk and reversing years of industry practice that left the big marques’ largest suppliers to manage those lower down the value chain.
Mr Farley is also emulating Mr Musk is trying to pare back the industry’s notorious complexity. Just as a lighter, nimbler machine has a better chance of staying ahead of a big and powerful one on the track, the thinking goes, a simpler company should be able to negotiate the twists and turns of industrial change. Famously, Tesla makes just four models with few options for customisation.
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