Ford CEO urges the Wall Street to 'stop looking at Tesla'

Ford Motor Co (NYSE: F) is in focus today after Jim Farley – its chief executive urged the Wall Street to forget about Tesla Inc (NASDAQ: TSLA).

Ford touts its 'Pro' unit as the future of auto industry

The chief executive instead wants them to focus on his company’s “Pro” segment that approximately doubled its earnings (pre-tax) in 2023 to $7.2 billion.

Farley made that comment at a Wolfe Research conference on Thursday.

The “Pro” business, he argued, is where Deere & Co was about seven years ago. Shares of the farm equipment behemoth that reported its quarterly financial results today have since gained a whopping 235%.

CEO Farley says Ford Pro unit is undervalued

Note that Ford Motor expects pre-tax earnings attributed to its “Pro” segment to print between $8.0 billion and $9.0 billion in 2024.

Its traditional business or what it calls the “Blue” unit, in comparison, is seen bringing in $7.0 billion to $7.5 billion in pre-tax earnings while the Model e or its electric vehicles segment is projected to lose another $5.0 billion to $5.5 billion in 2024.

CEO Farley dubbed the “Pro” unit undervalued on Thursday – and a few of the Wall Street analysts including Adam Jonas of Morgan Stanley do agree with him.

The news arrives only a day after thousands of Ford’s white-collar U.K. staff warned of a strike after rejecting its pay offer as Invezz reported here.