“We’re as pissed off as you’re by the inventory value,” mentioned Ford through the firm’s annual assembly. “The Ford household needs the inventory to go up. Our internet price is tied up on this firm, after all we wish it to go up.”
Invoice Ford’s feedback come amid reviews the automaker’s board is scrutinizing the marketing strategy of CEO Mark Fields.
Whereas Fields guided the corporate to its second most worthwhile yr ever in 2016, bringing in $10.4 billion in pretax revenue, the corporate’s inventory has slumped resulting from issues about how a lot the automaker is spending on growing autonomous-drive and electrical automobiles in addition to mobility merchandise.
“We proceed to ship strong outcomes with our core automotive enterprise by preserving one foot in right this moment, whereas on the similar time prudently increasing into new types of mobility and inserting one foot in tomorrow,” Fields mentioned through the annual assembly.
The query is when will the corporate’s investments sooner or later repay? The dearth of a transparent reply is one cause Ford’s inventory hovers simply above $11. It is down 36 % since Fields grew to become CEO in July 2014.
The format of this yr’s annual assembly was modified from the previous. Shareholders weren’t capable of attend in individual. As an alternative, Fields, Invoice Ford and different executives answered questions submitted electronically on a webcast.
One shareholder requested the corporate’s leaders, “What technique is in place to compete with the fast-growing and ever-popular Tesla?”
Fields mentioned the automaker is dedicated to growing electrical automobiles, together with an all-electric small SUV with a variety of not less than 300 miles when totally charged. That SUV is focused to hit showrooms in 2020.
“We’re going via this transition,” mentioned Fields. “We’re embracing it and I believe you will notice much more thrilling information on this to return.”