"Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating," Musk tweeted Thursday.
Farley retweeted Musk early Friday saying only, "Respect."
Elon Musk has 48.5 million followers on Twitter.
Jim Farley, who assumed the helm as CEO on Oct. 1, has 27,200 now.
Vehicle sales will be at the same ratio.
Farley responds to Musk
" I can prove that incorrect, While I'm CEO.. I'll make Ford go bankrupt"
Musk
"Respect"
First of all, Ford did take $6 billion in government loans: https://www.freep.com/story/money/cars/ford/2020/07/29/ford-government-loan-department-energy-debt/5526413002/
The story that Big Brave Billy refused any government help out of principal is such nonsense. Mulally asked for an additional government credit line in addition to the TARP funds that the company tapped.
Aside from that, Farley's fanboying of all things Elon and Tesla is absolutely pathetic. Tesla wants to put Ford out of business and Farley's out there liking Elon's tweets like a 16 year old schoolgirl. Get a grip and go fix your manufacturing problems. The company is a joke so far under your leadership.
Ford was closer to bankruptcy in 2005/06, they went to Washington for financial help and it was denied. The just before Mullaly go here, Billy Jr authorized to have all Ford Land properties including Ford Logo as collateral for a credit loan from NY banks. Just check the Headline News from DetNew or Freep from late 2005 or early 2006.
The time when Billy Jr's was CEO was the worst time for Ford finances. Blunder after blunder, Ford Montego, Ford 500, etc. Almost disappearing Ford Taurus, etc. Mullaly practically reversed all projects Billy OK'ed.
Ford did not have to get $ from DC because they already had a huge mortgage with all Ford Reals Estate as collateral.
The CFO who instrumented the loan was eventually asked to retire by Mullaly.
Ford was lucky that they got the loan when the banks had money, that's why GM and Chrysler ended up with government money
If it weren't for selling carbon tax credits would Tesla be cash flow positive?
So the govt/taxpayers are propping up the govt motors part of Tesla that is saving us from the existential threat of climate change.
A lot of great American car companies did not go bankrupt but got taken over and renamed like Acme became part of Chrysler and maybe some day Ford may be part of VW or Tesla or F may get a Chinese overlord so Joe and Hunter can get a cut of the action from their Chinese friends.
Jim Farley wishes he had the elan of Elon Musk.