Ford Appoints Toyota Executive As Marketing Head To Boost Its Transition To EVs

Ford Motor Co F has appointed Toyota Motor Corporation (TM executive as its new global chief marketing officer.

Lisa Materazzo has spent 20 years at Toyota and led its North American marketing team most recently.

At Ford, Materazzo will lead advanced product planning and all marketing activities across Ford Blue, Ford Model e and Ford Pro in addition to overseeing Ford Performance and Lincoln.

The move comes as the automaker has been facing a slower-than-expected and costly shift toward electrification of its vehicle portfolio along with a union workers strike, the WSJ reported.

Ford has been trying to capture the EV market by channeling funds from its traditional combustion engine auto business to its EV transition business, the report cited Nick Nigro, founder of EV research firm Atlas Public Policy.

"In some respects, they're trying to take business away from the combustion side of Ford," he noted.

A complicated status on the negotiations between the Detroit automakers and the United Auto Workers will further prove to be a downside for Ford as it faces increased production costs due to wage rise.

The company's dismal demand growth for EVs led to a fall in shares this summer, despite an increase in FY23 guidance, the report quoted Barclays senior equity research analyst Dan Levy.

Also ReadNo, UAW Strike Would Not Tip the Economy Into Recession - Economist Says

"While there's progress in the EV transition, it's just not going as quickly as some had hoped," said Levy.

Also, the automaker is in the works to enhance its reputation for quality after recent incidents of recalls had dented its stature.

Last year, Ford said it was splitting its business into three divisions: EV-focused Model E, Blue for combustion engines, and Pro, which sells commercial vehicles.

Also ReadFord Unveils Next-Gen F-150 As CEO Farley Touts' Most Connected And Smartest' Model

Price Action: F shares are trading higher by 1.53% at $12.64 in premarket on the last check Wednesday.

Photo Via Company

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EquitiesNewsManagementMarketsGeneralBriefsEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...