CNBC’s Phil LeBeau with Jim Farley, Ford Motor Company President & CEO, join 'Money Movers' to discuss the company's new $2 billion EV investment, the $30K electric pickup truck set to launch and more.

Ford CEO Jim Farley announced a $2 billion investment in electric vehicles, unveiling plans for a new EV platform and a midsize pickup truck to be produced at the Louisville assembly plant. The vehicle, targeted for launch in 2027, is expected to be more affordable and efficient to build, with a projected price of around $30,000.

Farley emphasized improvements in battery efficiency and manufacturing processes, aiming to build vehicles 40% faster with fewer parts. While the new system will require fewer workers at the Louisville plant, Farley stated that Ford has added 13,000 jobs since the last recession and plans to continue expanding its workforce, including 1,700 new jobs in Michigan and additional roles at battery plants.

Ford CEO on $2B EV investment

Let's get more with our Phil LeBeau with the CEO of Ford. Hey, Phil. Carl, thank you very much. Jim Farley joining us from the Ford assembly plant in Louisville, Kentucky, where you just announced to the workers there, Jim, you've got a new EV platform that you're going to be putting in place, a new EV that's going to roll out of that plant in 2027, building vehicles quicker, more efficiently. How confident are you that you can turn a profit with this new system, given the fact that you lost $1.3 billion on EVs last quarter? We did. You're right. You know, this is our next cycle of product. We've done a lot of homework for three years. We had the best talent on the planet to compete and beat BYD. We benchmark everyone on the planet. We know exactly the cost level we need to be at, the kind of efficiency on engineering, 40% faster to build a vehicle, radically, you know, more simple parts on the vehicle. It's a very aspirational vehicle. It's very affordable. We think this is the right direction for Ford and our EVs in the future to turn around our business. We know exactly what we need to do, Phil. Jim, that first vehicle is going to be a midsize pickup truck. You're targeting a price of approximately $30,000. Two questions here. Why a pickup truck instead of, let's say, a small SUV? And do you really think that you can price this at about $30,000? We do. You know, we have the new LFP battery. We have about 30% less battery usage than BYD because of all the work the team has done on efficiency. Radical new manufacturing. We're going to build the vehicle in a different way than the Henry Ford's moving assembly line in three different parts. The pickup truck is the best for America. Look, this thing has better room than America's best-selling car, the RAV4, inside. Plus, you get a front, lockable storage, and you get a whole pickup truck bed. You don't have to put your bikes and your stuff on top of the roof or in the back with a tow hitch. It's an incredibly flexible vehicle. We think this is exactly what a Henry Ford would do. The universal car would be a pickup truck to start with. It's faster than a turbocharged Mustang. It's an incredible digital experience. And it's a lower cost-to-operate bill than a used Model 3 or a Model Y. Much cheaper to operate than a RAV4 hybrid. So this is a great solution for certain customers. Not for everyone, but for people who drive around town and have home charging. Jim, you point out that you're going to be building this vehicle a new way. Far more efficiently. I think 40% faster, fewer stations along the way as far as putting the vehicle together. That means fewer workers. Now you're securing 2,200 jobs for that Louisville plant, which currently, I think, employment's at close to 3,200. When this gets up and running in 2027, you probably will need about 600 fewer workers in Louisville. There are going to be some people who look at this and say, is this good for America, you're going to be pushing EVs at a time when they're not popular, and you're going to need fewer people to make those vehicles. Well, that's not true. The good thing is Ford's the only car company in America that's added 13,000 jobs since the recession. We're not going to stop. We have Kentucky Truck right down the road, where we have an over-subscription for the Super Duty, the newest Expedition Navigator. We have two battery plants that we're going to need to staff. There's plenty of jobs for the people here, and what we haven't announced, which we will, we'll build more body styles than the first one coming out. So the 2,200 is just the beginning, and by the way, you didn't mention it, we're adding 1,700 new jobs up in Michigan that don't exist today. So Ford's adding jobs, we'll continue to add jobs, the 600 people here will have plenty to do.

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