Ford Motor Company CEO Jim Farley recently posted an opinion piece to social media, sharing a fresh and inspiring perspective about his newfound love for electric vehicles. As a self-described “lifelong petrol head,” Farley definitely found his niche by heading one of the world’s most prominent automakers. Given his foresight into the future of electrification, it’s easy to see why he’s CEO, and better still, he has the data to back his statements up.
Jim Farley said he always wanted to be a “car guy.”
With time spent at Toyota and Lexus before joining Ford in 2007, Farley has definitely engrained himself in the car world. During his tenure at Ford Motor Company, he has risen through the ranks as a senior member of the executive team before being named the company CEO in 2020.
Long before Farley took over, the automotive industry had begun to shift toward electric vehicles that are more powerful, quieter, and, most importantly, cleaner in emissions. In a recent post, Farley said, “The rumble of a V-8 feels like the soundtrack of my life,” and that he still spends many weekends “wrenching” on his 1973 Ford Bronco.
The head of Ford clearly has a passion for combustion vehicles, which he spent most of his career developing, but Farley has admitted to a newfound love of electric vehicles and explains why. Furthermore, he does an excellent job of addressing common misconceptions about EVs as well as his predictions for the future of the industry.
Farley charging an F-150 Lightning during his 2023 road trip / Source: Jim Farley/LinkedIn
Ford CEO: EVs will be the next great shift in mobility
We highly recommend reading the opinion piece in its entirety recently posted to LinkedIn by Ford CEO Jim Farley. It’s a five-minute read that is well thought out and relatable, and Farley comes off as informed, honest, and approachable, even as the head of a major automaker.
The piece is also full of strong arguments that make pro-EV advocates like us throw our hands up and say, “Preach!” This first part sounds partially like an ad for the F-150 Lightning, but Farley does share some insight on how he fell in love with EVs:
As a lifelong petrol head, I was surprised as anyone when I fell in love with electric vehicles.
It wasn’t government policies or political beliefs that sparked this late-career romance with electric vehicles. It’s because I drive one – my Ford F-150 Lightning Platinum. It is astonishingly quiet and smooth. The effortless acceleration leaves you with a silly grin once you get the feeling back in your face. Every morning, mine is topped up with 300 miles of range. No gas stations, ever…
… It’s that simple. For me, and for millions of Americans, electric vehicles are removing daily hassles and reminding us why we love to drive. If you want to have a blast behind the wheel, take a Mustang Mach-E Rally out on a dirt road.
Next, the Ford CEO addresses some misconceptions about EVs and compares the nascent technology to other paradigm shifts in our world of industry, such as mobile phones and computers, and even recalls a time when the internet was just a fad. Per Farley:
It takes time for innovations to take hold. But when they do, the shift is profound and lasting.
I believe the next great shift for vehicles will be toward software-defined and electric vehicles.
After that, Farley addresses a key issue (and misconception) among consumers who are considering going electric: how much range they need. Per the post, Ford’s research shows that approximately 50% of Americans only take trips over 150 miles four days or less per year.
Farley also stated that 80% of EV owners charge at home and acknowledges that public charging networks in North America are continuing to grow. Ford’s CEO mentions a road trip across the US he took in an F-150 Lightning last year but left out the part about how shocked he was that it was so difficult to find reliable chargers. Still, Farley appears optimistic about those networks:
Charging access and speed will keep getting better, just as cellular networks went from staticky and constantly dropping to clear and reliable.
Farley also shared that close to 70% of global EV owners say they are sticking to electric vehicles only in the future. With the US recently imposing higher tariffs on Chinese-made EVs and Europe and possibly Canada following suit, Ford’s CEO took an opportunity to stress the importance of supporting American automakers and to trust that the 121-year-old automaker knows what it’s doing. Per Farley’s post:
Here’s the other thing. We are in a global race to compete in a future where electric propulsion will undoubtedly be a giant force in transportation. America cannot cede innovation leadership to China, Europe, or any other region. Ford has survived and thrived for 121 years because we have never been shy about seizing the moment to innovate and face the future. Now, we are investing billions in plants, tech centers, and our workforce to create the must-have cars, SUVs, and trucks of tomorrow.
It’s true that we are losing money on electric vehicles in the first innings of this transition, largely due to the upfront investment costs. But that too is changing. After all, what major technological leap forward wasn’t challenging and costly at the early stages?
The tipping point we’re working toward will come not from regulators who push us or from politicians who try to hold us back. It will come from consumers. Not when an arbitrary market share is reached, but when electric vehicles are simply better for more customers – better to drive, cheaper to own, and easier to integrate into daily life. This is the reality for millions already.
Well said, Jim; welcome to the pack, from one EV lover to another.
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Tesla average transaction prices (ATPs) in March are estimated at $54,582, higher year-over-year by 3.5% and higher than in February, according to the latest monthly new-vehicle ATP report from Cox Automotive’s Kelley Blue Book.
Average transaction prices for the Tesla Model 3 and Model Y were higher month-over-month and year-over-year in March. Tesla’s sales in Q1 continued their long-term decline after peaking in Q1 2023. Estimates from Kelley Blue Book suggest Tesla’s sales in Q1 2025 were lower year-over-year by more than 8%. Its deliveries were also worse than expected.
New EV prices in March overall are initially estimated by Kelley Blue Book to be $59,205, higher year-over-year by 7.0%. New EV prices increased from the revised higher February ATP of $57,015.
The ATP for an EV last month was nearly 25% higher than the industry average of $47,462, widening the price gap between new EVs and gas-powered cars even more.
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But EVs are still seeing heftier incentives than the industry average. In March, the average EV incentive came in at 13.3% of the transaction price – down 1% from February’s revised 14.3% but still well above what gas cars are getting.
So, where are we heading? Higher prices, thanks to Trump’s tariffs. But what that will look like remains to be seen. Erin Keating, executive analyst at Cox Automotive, said, “All signs point to higher prices this summer, as existing ‘pre-tariff’ inventory is sold down to be eventually replaced with ‘tariffed’ inventory. How high prices rise for consumers is still very much to be determined, as each automaker will handle the price puzzle differently.”
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BYD just launched the first EVs based on its new Super e-platform with ultra-fast charging. The new Han L sedan and Tang L SUV can gain nearly 250 miles range in 5 minutes, and prices start at just $30,000.
Meet BYD’s new EVs with ultra-fast charging
During a launch event on April 9, BYD introduced the new EV models, claiming its engineers have “achieved the master realm of Chinese technology.”
The Han L and Tang L are the first EVs based on BYD’s 1000V Super e-platform. After unveiling the ultra-fast EV charging platform last month, BYD’s CEO, Wang Chuanfu, said to ease charging anxiety, “The ultimate solution is to make charging as quick as refueling a gasoline car.”
That solution is now here. BYD’s new Han L is available in three trims, starting at just 219,800 yuan ($30,000), lower than the pre-sale price of 270,000 yuan ($36,800).
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BYD’s new electric sedan is 5,050 mm long, 1,960 mm wide, and 1,505 mm tall, or about the size of a Tesla Model S (5,021 mm long, 1,987 mm wide, and 1,431 mm tall).
All variants are powered by an 83.2 kWh BYD Blade battery, providing up to 435 miles (701 km) of CLTC driving range. Based on BYD’s 1,000V architecture, the Han L comes with two charge guns with an up to 10C charge rate.
Nearly 250 miles in just 5 minutes?
With ultra-fast charging, the electric sedan can gain 400 km (248 miles) in just five minutes. In six minutes, it can recharge from 10% to 70%, and in just 20 minutes, it can fully recharge (0% to 100%) the battery.
Like all its new EV models, the Han L is equipped with BYD’s God’s Eye smart driving assist system. It features the mid-tier “B” version and DiPilot 300.
BYD Tang L electric SUV with ultra-fast charging (Source: BYD)
BYD’s new electric SUV, the Tang L, is also offered in three trims. It starts at 239,800 yuan ($32,700), also below the pre-sale price of 280,000 yuan ($38,200).
The Tang L is also based on BYD’s 1,000V architecture and ultra-fast charging platform. Powered by a 100.5 kWh battery, it has a CLTC range of up to 435 miles (701 km) and can gain 230 miles (370 km) in 5 minutes. It will take about 30 minutes to go from 0% to 100%.
BYD’s electric SUV is 5,040 mm long, 1996 mm wide, and 1,760 mm tall, or slightly bigger than the new Tesla Model Y Juniper in China (4,797 mm long, 1,920 mm wide, and 1,624 mm tall).
Like the Han L EV, the electric SUV has BYD’s God’s Eye B ADAS system with DiPilot 300. Both the Han L and Tang are available as PHEVs, starting at 209,800 yuan ($28,500) and 229,800 yuan ($31,300).
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The 90-day pause doesn’t eliminate the threat of tariffs — it just delays it. Investors are still pricing in risk, including inflation, discretionary pullbacks, hardware import costs and credit exposure.
Legacy payment networks such as Visa and Mastercard, both up 6%, continue to benefit from inflation and their structural ties to nominal GDP. These companies take a percentage of every transaction. That makes rising prices a tailwind.
“If prices are moving up for certain goods and you’re paying with a credit card, it’s actually good for the credit card companies,” said Dan Dolev, a fintech analyst at Mizuho.
Their pricing structure has historically made them resilient during inflationary periods, including recessions. The situation is less rosy for the new wave of consumer lending fintechs.
Affirm, which specializes in allowing consumers to buy now and pay later, could suffer if consumers pull back spending when the pause is lifted as a result of tariffs causing prices to rise. The San Francisco-based company could see its revenue less transaction costs margins — essentially what the company pockets after paying processing fees and customer incentives — drop more than 22% in that scenario, according to a Goldman Sachs estimate on Tuesday.
The adoption of buy now, pay later may rise as consumers hit credit limits, said SIG analyst James Friedman, but he added that the model remains untested in a downturn.
Toast, Block and Fiserv, which was up 6%, develop software used by restaurants and small businesses. Those companies could face rising hardware costs and softening demand from customers if the tariffs go through.
Meanwhile, cross-border payments — one of the most profitable segments for Visa, Mastercard and PayPal — remain under pressure as global travel slows and e-commerce flows adjust to the uncertainties of Trump’s tariffs.
Even remittance players such as Remitly and Western Union, both up 8%, could face longer-term pain if immigration pipelines slow or remittance corridors tighten under regulatory scrutiny. Similar to cross-border commerce, remittances depend on a steady flow of people and transactions, both of which remain fragile.