Jim Farley CEO of Ford Motor (NASDAQ: FORD) said that he has some good news for Wall Street. The American car manufacturer is planning to provide a decisive plan to transition into electric vehicle manufacturing in the near future.
In an interview with CNBC, Farley said: “The team is doing a better job launching and the financial performance is more reliable and we’re getting serious about restructuring where we need to. Those are all great things. But that’s the beginning. The most important transformation of the company is the modernization and disruption of our company, and they’re different things.”
Furthermore, the American car manufacturer is currently closing a deal with tech giant Google (NASDAQ: GOOGL) over cloud services. The announcement Ford made with Google this week resulted in an 8.6% stock price increase. Consequently, Morgan Stanley — a Wall Street investment bank said that the deal can create a $9 billion annual revenue stream and could generate over $5 billion in profit for Ford.