Ford is entering what Chief Executive Jim Farley calls “the heart” of its Ford+ transformation strategy in 2025. Like plenty of other players at the moment, its focus is on quality and costs—the aim is more than US$1bn in savings, but the headwinds are huge. Ford’s electric vehicle (EV) division continues to report heavy losses, the Chinese are accelerating their global push, the US regulatory and trade policy is all over the place, and artificial intelligence (AI) is rewriting the fundamental playbook for mobility. What the investment community wants to know is where, precisely, Ford management stands on all of these areas.

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