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Ford Motor Co. (NYSE:F) CEO Jim Farley said that President Donald Trump's tariffs have impacted the automaker with over $2 billion in additional costs. Check out the current price of F here. Tariff Cost Over 20% Of Ford's Global Profit In an interview with CBS News on Sunday, Farley shared the impact of Trump's tariffs on Ford's production activities. "There are parts, fasteners, wiring looms from other countries," Farley said, adding that the automaker paid over 70% tariffs on some components. "That’s giving us a $2 billion bill. About 20 percent of our global profit is going away in tariffs,” the CEO shared. Farley also acknowledged the competition from the Chinese automakers, comparing it with the 80s when Japanese car companies were competing against U.S. manufacturers. "I think it’s exactly the same thing, but it’s on steroids," Farley said. He added that Chinese automakers "have enough capacity in China with existing factories to serve the entire North American market, put us all out of business." Farley had earlier hailed Chinese EVs for their tech-savvy nature, calling it the "most humbling thing." Jim Farley Says EV Adoption To Be 5% In The US Farley, during Ford's third-quarter earnings call, said that he expects EV adoption in the U.S. would be at 5% amid the Trump administration's pro-ICE vehicle policies. However, he reiterated that EVs would see growth in the affordable segment and that Ford's Universal EV Platform, which would underpin its $30,000 EV, would drive growth for the company. Japan PM's F-150 Strategy Amid Ford's Propulsion Pivot The comments come as Japan's new Prime Minister, Sanae Takaichi, recently proposed buying a fleet of F-150 pickup trucks as a goodwill gesture to strengthen ties with the U.S. and President Donald Trump, despite concerns about the F-150's ability to navigate the streets of Tokyo. Ford recently also announced that it was halting production of the F-150 Lightning Pickup trucks amid a shortage of aluminium due to a fire at a key supplier's facility. Ford also said that ICE-powered vehicles in the current market were more profitable than EVs. Ford offers satisfactory Momentum Growth and Quality, while also boasting a favorable price trend in the Short, Medium and Long terms. For more such insights, sign up for Benzinga Edge Stock Rankings today! Check out more of Benzinga's Future Of Mobility coverage by following this link. Read Next: GM CEO Mary Barra Says There’s Overcapacity In China’s EV Market Amid EV Price War Photo courtesy: Tada Images / Shutterstock.com
