Ford confirms shakeup with former luxury EV boss taking over CFO role as auto giant insists electric 'is the future' | 39D0J3C | 2024-05-11 12:08:01
FORD Motor Company recruited the former finance manager of a luxury EV maker to guide the automaker to an electric future.
She's set to fully transition to the Chief Finance Officer (CFO) by early next year.
In a recent release from Ford Motor Company, Sherry House, the former finance manager of Lucid Motors in California, was hired to help create a financial plan as the company transitions to EVs, reported NBC affiliate KNSD.
Her first day as finance vice president was in early June.
The current CFO, Jeff Lawler, was promoted to vice chair of the company and will oversee House's performance until she is due to assume his position in early 2025.
Lawler has been with the company for four years and has since helped transform the Ford+ program to become profitable and efficient.
He also helped the company stay financially fit as Ford invested billions into EVs.
"Make no mistake, EVs are coming, EVs are part of the future," Lawler told CNBC in February.
By hiring House, who specializes in EVs, Ford hopes to see a brighter financial future.
She's served as an executive for other EV and tech companies, like General Motors and Alphabet's autonomous taxi division, Waymo.
"Sherry adds an important leadership dimension to Ford as we urgently build a profitable EV business, generate new and recurring revenue streams, and create a more dynamic and resilient company," Ford CEO Jim Farley wrote in the release.
In February, Ford reported an almost 11 percent increase in American sales compared to the year before, with a noticeable increase in hybrid and EV sales.
<!-- End of Brightcove Player --> EV sales were up by 81 percent, the company reported.
However, price slashes designed to attract more buyers – which succeeded – resulted in an overall loss for the company.
A loss of about $5 billion to $5.5 billion is projected this year.
House's onboarding will hopefully change that.
Lucid was established in 2007 and has since grown into a top-tier luxury EV company directly competing with companies like Tesla.
<p class="article__content--intro"> Pros and cons of EVs vs gasoline-powered vehicles </p> </div> </div> The Lucid Air Touring, the company's most expensive model, is quickly gaining popularity with the estimated 500-mile range and blistering speeds.
In February, the EV maker reported that vehicle sales were up nearly 40 percent compared to 2022, which yielded a total revenue gain of $595.3 million.
As the company grows, a wider variety of vehicles are due for production, like the Gravity – the company's first SUV.
The Gravity will have three rows, a 440-mile range on a full charge, more than 800 horsepower, and a 0-60 time of under four seconds.
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