Ford CEO Thanks Elon Musk 'For Leading The Way'

Ford Motor Co’s F CEO Jim Farley on Friday seemingly acknowledged Tesla Inc TSLA CEO Elon Musk’s leadership and thanked him for showing the industry the way towards electrification.

What Happened: Farley was responding to a Musk tweet from Friday to say that Tesla and Ford are the only American automakers that have not become bankrupt even as the “cemetery of automotive startups” keeps getting larger.

Thanks for leading the way…. https://t.co/V5HpjAgl6A

— Jim Farley (@jimfarley98) October 28, 2021

Musk was replying to a tweet that pointed out how 85 electric vehicle startups have raised about $250 billion, signifying intense competition in the space. 

The author of the tweet wondered why there is no similar interest and focus in rolling out a rival to Alphabet Inc’s GOOG search engine Google.

Isn’t it weird that noone’s even trying to get into search, considering how much money $GOOG makes?

Why are there 85 electric vehicle startups who have raised what, $250 billion so far, but literally only one new (but now quite old) search engine, DuckDuckGo?

Just seems bizarre

— Wasteland Capital (@ecommerceshares) October 27, 2021

Musk’s response created a buzz and was liked over 18,600 times. Farley’s response was liked about over 3,000 times.

See Also: Elon Musk On Valuations Of Tesla Rivals Lucid And Rivian Says 'These Are Strange Days'

Why It Matters: Musk has in the past emphasized how it's easier to develop business models but difficult to execute them given the challenges related to production and maintaining cash flow. 

Musk’s tweet also indirectly pointed out a reminder that Chrysler and General Motors Co GM had gone bankrupt in 2008.

Musk has in the recent past also taken shots at the sky-high valuation of Amazon.com Inc AMZN and Ford-backed Rivian Automotive Inc and Lucid Air Inc LCID.

Price Action: Tesla shares closed 3.43% higher at $1,114 a share on Friday.

See Also: Ford CEO Says Drag Race Between Mustang Mach E, Tesla Plaid A 'Good Idea'

Photo: Courtesy of Ford