Ford’s Weak Earnings But Positive Outlook
People walk by a Ford Escape SUV displayed during the media day for the Shanghai auto show in Shanghai, China April 16, 2019. (Photo: REUTERS/Aly Song/File Photo)

When it comes to the electric vehicles industry, many will agree that Tesla is one of the pioneer company that brought this particular segment of the market into mainstream consciousness. For many years, Tesla has enjoyed almost an unrivaled dominance in the EV market. However, now that the car market is slowly shifting towards electric, traditional carmakers are also seeing it as an important niche. The latest to join the electric car fray is one of the biggest brands in automotive history, Ford.

In a recent interview, Ford chief executive officer Jim Hackett said that the future of the car industry would definitely be electric. This is exactly one of the reasons why the company is throwing its hat into the competition and challenges one of the pioneers, Tesla. Hackett believes that despite Tesla's experience and expertise in the industry, he is confident that with Ford's massive amount of resources, the company will no doubt maintain its relevance and important in the auto industry.

In an interview with CNN Business, Hackett commended Tesla CEO Elon Musk's focus towards innovation and commitment towards the electric car revolution. Additionally, he also issued a challenge towards Tesla, claiming that Ford will eventually be the top carmaker in the EV market.

Hackett said, "There's a disruptor coming. I happen to compete with a rocket scientist who's really smart, and I respect that about him. And yet, he's competing with the ultimate disruptor in Henry Ford. When you go seven miles from here and you see the Rouge Complex, Henry bet the company, he goes bankrupt because there's no industrial model in the world that has a hundred thousand people working on it."

As for Tesla, the company has a wild run despite only being in the industry for 16 years. Throughout this rather short existence, the company was able to produce some of the most iconic electric cars in the market. The company continues to innovate and has started to directly target some of Ford's most valued and significant segment of the auto industry.

Ford's brand has been a favorite when it comes to pickup trucks. The Ford F-150 is not only an iconic truck, but it is also the most popular and best-selling truck in the United States for decades on end. Recently, Tesla announced that it is releasing its own electric pickup truck. Musk even went as far as to claim that its electric pickup truck will be more powerful than the Ford F-150.