The CEO of one of the country’s biggest car manufacturers explained why electric vehicles (EVs) may not be a lightening hit for consumers.
"We’re going into the mass consumers who have a lot of charging anxiety," Ford CEO Jim Farley warned when explaining the growing push for EVs.
Farley joined "Special Report" Tuesday to discuss the EV push as demand for the greener alternative has yet to peak.
"They [consumers] don’t have range anxiety, they have charging anxiety," Farley stressed again.
The Ford CEO also suggested that consumers are "not willing to pay a premium" for electric vehicles, despite more being offered in today’s market.
"Some customers who have the right duty cycle are really interested, but the price premium that we see a year ago is not there today," he continued.
ENERGY EXEC ON JENNIFER GRANHOLM'S EV ROAD TRIP GONE BAD: AMERICANS DON'T 'NEED' IT
Ford Motor Company announced that it is projected to lose $4.5 billion from electric vehicles this year, despite increased revenue.
The U.S.-based automaker's EV division, called "Ford Model e," has lost $1.8 billion so far this year, according to Fortune.
"We’re going to offer customers a choice. We’re going to have a growth story for all three of our business, including our pro-business, and we’ll have the customer choose," Farley told Fox News’ Bret Baier.
"The F-150 Lightning is the best-selling electric pickup in the U.S. and for those customers, it works great, but it’s not for everyone," Farley continued.
UAW STRIKE THREAT: EXPERTS WEIGH IN ON LIKELIHOOD OF STRIKES AT FORD, GM, STELLANTIS
Last year, President Biden invited executives from the nation’s largest automakers to the White House to discuss his ambitious agenda for EVs.
In April of this year, the White House introduced its blueprint for the EV Acceleration Challenge as part of the president’s goal of having 50% of all new vehicle sales be electric by 2030.
"As the company with the most autoworkers in the U.S., we talk deeply about their [government] vision and our vision for EVs," the CEO expressed.
"We think EVs could be 30, 40, 50% of our business. We just don’t actually know," he stressed.
As the automaker grapples with the industry’s EV trend, its F-150 continues to reign supreme among buyers.
FORD REVEALS 2024 F-150 AT DETROIT AUTO SHOW
It's the "No. 1 vehicle in our country on sales for 41 years," Farley said, adding that the truck is a "huge, important product" for the company and U.S. economy.
"We have a hybrid version which we think will be about 20% of sales. Maybe the best-selling hybrid in the U.S. could be a F-150 hybrid," Farley continued.
Ford is expected to produce 600,000 EVs per year by 2024.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Andrea Vacchiano and Gary Gastelu contributed to this report.
