Ford CEO Jim Farley reportedly warned that EVs' production will result in significant job losses, but producing more parts in-house will help to mitigate this impact.

While talking at an auto conference for the Rainbow Push Coalition in Detroit, Farley said EVs require 40 percent lesser workers than for producing cars and trucks powered by petrol. The electric vehicles are assembled from fewer parts compared to traditional cars powered by internal combustion engines.

He said, "It takes 40 per cent less labour to make an electric car thus we have to insource, so that everyone has a role in this growth. We have a whole new supply chain to roll out, in batteries and motors and electronics, and diversity has to play an even greater role in that."

The warning comes as Ford has set a target of attaining half of global sales from EVs by 2030. In the month of October, Ford reported that its EV momentum continued with sales of its EV lineup up 120 percent over last year.

Source: https://markets.businessinsider.com/news/stocks/ford-ceo-warns-evs-to-cost-jobs-urges-to-produce-more-parts-in-house-1031918381

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