Ford Motor Company (NYSE:F) CEO Highlights Autonomous Vehicles

Ford Motor Company (NYSE:F) CEO Highlights Autonomous Vehicles

Ford Motor Company (NYSE:F) president and CEO Mark Fields believes that there is a definite future for the company’s autonomous vehicles and it mostly revolves around carpooling services.

During one of the company’s code conferences, the CEO said that the firm’s autonomous vehicles will rely on ride-sharing firms such as Lyft and Uber. The firm plans to leverage these companies to drive the self-driving technology into the mainstream. He also noted that the vehicles will require regular servicing, they will need to be replaced more often than vehicles purchased by consumers and they will also gain miles more quickly.

The CEO stated that the firm is currently going through one of the more exciting phases in its history with the transition from an auto firm to an auto and mobility firm. He also predicted that the firm will have developed its own electric car that will compete against electric automobiles from Tesla Motors Inc (NASDAQ:TSLA) and Chevrolet. Fields estimates that this will happen within the next five years.

Aside from teaming up with ride-hailing firms, Ford also plans to make acquisitions that align with their autonomous vehicle objectives and also cooperate with regulators. The firm has already opened an office in Silicon Valley to get closer to potential partners as well as competitors. Ford tripled the number of autonomous vehicles being tested earlier this year.

During the code conference, Fields responded to the question about how cars will look like in 2025 and he stated that they will be more advanced and will have fully autonomous features. Alphabet Inc (NASDAQ:GOOGL) meanwhile announced that it does not plan to start manufacturing its own car but it will team up with General Motors Company (NYSE:GM) and Ford.