August 5, 2020

Jim Farley: Ford’s ‘car guy’ faces existential threat from tech giants

Jim Farley is a “car guy”. That is how Ford’s executive chairman Bill Ford described the man who was this week named as new chief executive of the US car giant.

Mr Farley will need all his knowledge and love of cars to turn round the Detroit auto manufacturer, which struggled with flagging profitability, a falling share price and high debt during Jim Hackett’s three-year reign.

This time, the carmaker has chosen an insider, who owns and races vintage cars, for the top job after alternating between company veterans and industry outsiders for the past decade.

The grandson of a Ford employee, who became heir apparent in February when he was promoted to chief operating officer, is a contrast to Mr Hackett, an outsider who came from office furniture maker Steelcase.

The 58-year-old, born in Argentina and educated at Georgetown University and UCLA, has spent his life devoted to cars.

During his teenage years, he rebuilt car engines and went to work for Toyota after college where he held product and marketing positions, becoming group vice-president for the luxury Lexus brand.

In 2007, he joined Ford after being recruited by then-chief executive Alan Mulally. He ran the carmaker’s European

Major banks say to buy Nikola on the dip, citing confusion over the quarterly results

Nikola Motor Company Badger pickup truck

Source: Nikola Motor Company

(This story is for CNBC PRO subscribers only.)

Investors are selling shares of Nikola following the company’s first quarterly report as a public company, but major Wall Street firms think the stock is still a buy, and that the sell-off offers an attractive entry point.

The stock fell more than 15{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} during early trading on Wednesday. 

“There are catalysts immediately ahead, and we therefore recommend accumulating shares in NKLA,” said JPMorgan, while Deutsche Bank said the the stock continues to offer a “favorable near term set up.” 

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Banking Sector And Its Affect On Bangladesh’s Economy

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