Ford CEO: Build Back Better is ‘mission critical for the EV incentives’

Ford CEO Jim Farley joins Yahoo Finance to discuss why President Biden’s Build Back Better plan is ‘mission critical’ to the success of Ford’s EV ambitions.

Video Transcript

BRIAN SOZZI: President Biden's Build Back Better plan, now a lot of incentives for EVs in that plan. How important is it from your vantage point that this bill gets passed?

JIM FARLEY: Mission critical for the EV incentives. Look, EV sales in the US are only about 3%. Higher in some places than others, but 3%. China now has 50% of all electric cars sold in the world, and Europe is approaching 20% on pure electric vehicles now. If we don't get our act together, we'll be behind as a country. It's not just about helping consumers make this transition. All the battery production, all the jobs, the raw material development in our country, all the intellectual property.

You know, we're the number one employer in the United States in the auto sector. We want these Amer-- these jobs, these innovative technology jobs to come to America. This bill and the incentives for consumers will absolutely be the key thing to help us do that. We need to be competitive as a country.