WEBVTT - Ford CEO Jim Farley, Oracle Red Bull Racing CEO Talk Carmaker Industry

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Yeah, I want to welcome our Bloomberg Television and Bloomberg

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<v Speaker 2>Radio audiences to Michigan Central Station here in Detroit. I'm

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<v Speaker 2>sitting down with Jim Farley, the CEO of Ford, as

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<v Speaker 2>well as Laurent Meckis, who runs the Red Bull Racing team.

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<v Speaker 3>It's a pleasure, gentlemen.

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<v Speaker 2>I'm very excited as a fan of the brand and

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<v Speaker 2>the league. And let me start Laurent with you, because

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<v Speaker 2>you've said that this is the steepest hill f one

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<v Speaker 2>has ever had to climb. New regulations this year are sweeping.

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<v Speaker 2>It's not just a tweak here and there. And you're

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<v Speaker 2>starting with the brand new partner with Ford, who is

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<v Speaker 2>going to build the engine with you as a collaboration.

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<v Speaker 2>Why choose Ford as a partner?

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<v Speaker 4>You know, first, you're right, you know it's the biggest

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<v Speaker 4>regulation pope in the Heast twel one, at least in

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<v Speaker 4>the modern heastorield phone on one. It's also on that

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<v Speaker 4>very same year that we chose the let me say

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<v Speaker 4>crazy challenge to to go and build our mpoion it

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<v Speaker 4>and if you.

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<v Speaker 1>Do that, you want to part with the best.

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<v Speaker 4>And we are in a lucky positions where we we

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<v Speaker 4>have managed to strike these strategic technical partnership with Ford

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<v Speaker 4>in this crazy advantage of building from absolutely zero our

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<v Speaker 4>own POI in.

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<v Speaker 1>It, and we go together and these in these new regulations.

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<v Speaker 2>Jim, for you, this must be exciting because you've built

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<v Speaker 2>honestly a new legacy for Ford in terms of racing.

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<v Speaker 2>I mean, on the one hand, you've got the new

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<v Speaker 2>industrialized America here. On the other hand, you're going back

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<v Speaker 2>to Lamont with a hypercar in a couple of years.

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<v Speaker 3>You're essentially doing DFV two point zero.

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<v Speaker 1>Right, This is like the cause worth of old.

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<v Speaker 2>Why do you when you're talking to Bill Ford, when

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<v Speaker 2>you're talking to shareholders, how do you justify this, this

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<v Speaker 2>spend and this you know drive to go racing?

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<v Speaker 3>Well, a couple of things.

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<v Speaker 5>First of all, the tech transfer, this sport that Laurent leads,

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<v Speaker 5>this team that Laurent leads, you know, leader and aerodynamics,

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<v Speaker 5>predictive failure components and software control of the hybrid system,

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<v Speaker 5>high dis charge batteries. These are all core capabilities that

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<v Speaker 5>we need for the next five to ten years as

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<v Speaker 5>a company. So the tech transfer is very relevant for us.

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<v Speaker 5>Like maybe four valves or overhead cams were in the sixties,

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<v Speaker 5>you know, but the tech transfer is totally different today.

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<v Speaker 5>Formula one is a complete digital sport and that's where

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<v Speaker 5>we're going as a company.

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<v Speaker 3>Number one. Number two is, you know, racing, especially in the.

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<v Speaker 5>Off roll world, gives us credibility for customers that the

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<v Speaker 5>product they buy has real capability that's been tested in

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<v Speaker 5>a way that a brand who doesn't race can't say.

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<v Speaker 5>And that's what portion Ferrari knew for a long time.

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<v Speaker 5>Especially for us in the off.

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<v Speaker 3>Road world, this is really important.

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<v Speaker 5>Racing is a fundamental part of our company's business because

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<v Speaker 5>to beat all the great off road brands and to

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<v Speaker 5>establish ourselves now we're two ex cheep sales in the US,

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<v Speaker 5>to keep that going and keep growing the off road brand,

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<v Speaker 5>off road racing into car Baha is where our customers

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<v Speaker 5>will say, hey, that forward has the real deal.

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<v Speaker 3>It's the real deal, it's not a poser product.

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<v Speaker 5>So racing is integral into our credibility as a company.

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<v Speaker 2>And you've obviously got a deep, rich history there and

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<v Speaker 2>you're bringing your software and battery technology those capabilities to

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<v Speaker 2>red Bull racing. But for you, Laurn, this is a

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<v Speaker 2>whole new thing right building the engine. I know you're

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<v Speaker 2>getting a lot of help from Florida. What are they

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<v Speaker 2>helping you with on the fuel side?

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<v Speaker 4>That helping us on many different topics, and at least

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<v Speaker 4>the Flipp's easy is expanding every day.

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<v Speaker 1>But let me give you a couple of practical examples.

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<v Speaker 4>Gym's team have unique advanced manufacturing capabilities that we use

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<v Speaker 4>to produce some of the most critical parts of our engine.

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<v Speaker 4>And not only the able to manufacture this pass for us,

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<v Speaker 4>but also they do it in less time than we

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<v Speaker 4>will do otherwise, and that gives us a crucial You know,

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<v Speaker 4>our businesses is the time to market business. We could

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<v Speaker 4>it a time to raise business. And when we're able

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<v Speaker 4>to manufacture complex components in a short amount of time

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<v Speaker 4>at this incredible level of quality that we are looking for,

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<v Speaker 4>that's a key competit competitive advantage, especially.

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<v Speaker 2>Since I think you've said you gave up some time

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<v Speaker 2>focused on last year's car, so you're in a hurry

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<v Speaker 2>to make sure that this year, this new car, when

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<v Speaker 2>Max gets in it in Bahrain right, that it's a

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<v Speaker 2>winner and not a learning moment. How do you make

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<v Speaker 2>sure that you're winning straight out.

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<v Speaker 1>Of the game. You know you will have to be

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<v Speaker 1>with us a little bit. The sky scale of the

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<v Speaker 1>challenge is monumental.

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<v Speaker 4>We are starting, we have started to design and build

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<v Speaker 4>these engines in what was a field.

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<v Speaker 1>You know.

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<v Speaker 4>We we've made the factory, We've bought the dino, We've

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<v Speaker 4>We've put together an unbelievable group of people and group

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<v Speaker 4>of partners such as GIM.

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<v Speaker 1>And Tys team.

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<v Speaker 4>And it will be foolish a knife to think that

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<v Speaker 4>from the first day you are going to be at

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<v Speaker 4>the same level than people that have been doing it

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<v Speaker 4>for nine years.

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<v Speaker 1>So bear with us.

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<v Speaker 4>It will It will give us a few sleepless nights,

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<v Speaker 4>it will give us a few heads. We feel we

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<v Speaker 4>have the right people, the right tools, the right spirit

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<v Speaker 4>across what red Bull means and what Ford means. Will

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<v Speaker 4>eventually come out off top, but the first few months

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<v Speaker 4>will certainly be full of learnings.

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<v Speaker 2>Jim, what can you bring back from this I guess

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<v Speaker 2>laboratory if you will, to the forward customer here in America,

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<v Speaker 2>because yesterday we saw figures from the Bureau of Labor

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<v Speaker 2>and Statistics that showed prices for the average passenger car

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<v Speaker 2>not forward. But you know, across the industry are up

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<v Speaker 2>more than five hundred dollars. Prices for the average truck

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<v Speaker 2>across the industry are up more than one thousand dollars.

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<v Speaker 3>What can you bring back.

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<v Speaker 2>That you know puts value into those price.

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<v Speaker 6>Increases, Well, Matt, I think Lauren said it really well.

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<v Speaker 6>If there was an initial premise of what those transfer

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<v Speaker 6>technologies would be to help the company. But what we're

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<v Speaker 6>learning working with him over the last several years is

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<v Speaker 6>actually that list is growing and it's more diverse than

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<v Speaker 6>we thought. Of course, we thought it was arrow and

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<v Speaker 6>high discharge batteries.

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<v Speaker 3>For performance hybrids.

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<v Speaker 5>Well, now it turns out performance hybrids are really important

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<v Speaker 5>for the company. Twenty f one fifty is now hybrid sales.

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<v Speaker 5>People are buying it because of pro power on board,

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<v Speaker 5>not just because of efficiency. And every day, honestly, the

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<v Speaker 5>list of things that we can take from the effort

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<v Speaker 5>with or on his team, because the sport is so

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<v Speaker 5>hard and the time pressure is so high, that list

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<v Speaker 5>is getting longer every day. I could give you a

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<v Speaker 5>long list, and most of the value that we're seeing

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<v Speaker 5>on the tech transfer side are things that we didn't

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<v Speaker 5>even have on the list when we started four years ago.

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<v Speaker 5>It's a long list but I would say that the

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<v Speaker 5>real signature is for me is really the software, the

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<v Speaker 5>control software for the hybrid system predictive failure components. These

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<v Speaker 5>are the essence of the new software defined vehicle globally

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<v Speaker 5>to beat China, and they are really good. We need

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<v Speaker 5>these capabilities from Formula one and we can put them

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<v Speaker 5>right into transit van. He can help us with the

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<v Speaker 5>language models and the logic of predictive failure for a

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<v Speaker 5>component on a Formula one race, where you can use

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<v Speaker 5>that same know how hopefully to help our customers in

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<v Speaker 5>a transit know that something's going to break way before

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<v Speaker 5>it breaks.

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<v Speaker 3>And that's the same capability he has to deliver Firmax.

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<v Speaker 5>This is really the cool part of Formula one. It

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<v Speaker 5>is such a high pressure, high tech sport that actually

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<v Speaker 5>the list of value, like lubrication, it's just gonna.

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<v Speaker 3>Keep getting longer.

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<v Speaker 2>Laurent the President of the United States, was with Jim

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<v Speaker 2>a couple of days ago here touring their plants. As

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<v Speaker 2>the US turns more inward, it's interesting that you're participating

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<v Speaker 2>in this sort of global sport, right. We just learned

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<v Speaker 2>of new visa restrictions on people from many nations, including Brazil,

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<v Speaker 2>do you find it harder to get people in to Miami,

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<v Speaker 2>to Las Vegas to Austin. I know there have been

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<v Speaker 2>problems already holding up gear at the border.

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<v Speaker 1>Really, you know, it's not an issue today.

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<v Speaker 4>We are global spot as you have said, we are

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<v Speaker 4>enjoying racing in pretty much every part of the world,

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<v Speaker 4>on nearly every part of the world.

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<v Speaker 1>We have incredible.

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<v Speaker 4>Logistic capabilities, which is also some things that we have

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<v Speaker 4>brunstorming and exchanging with with with Jim and his steam

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<v Speaker 4>and and these teams together with the help of Formula one,

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<v Speaker 4>makes it very, very smooth to go wrong. And we

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<v Speaker 4>were back to back races from the US to the

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<v Speaker 4>opposite side of the globe without without any issue. So

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<v Speaker 4>you know, uh, it's it's a privilege of the sports

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<v Speaker 4>have as a global sport to be able to move

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<v Speaker 4>around very freely.

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<v Speaker 2>Jim, how are your discussions with President Trump? I know

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<v Speaker 2>that you have pointed out in the past that the

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<v Speaker 2>tariffs as they're set up now, as they're designed to

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<v Speaker 2>put you at a disadvantage to somebody, even an American

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<v Speaker 2>auto manufacturer that produces in South.

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<v Speaker 1>Korea or Japan.

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<v Speaker 2>For sure, I know you're going to meet with jameson

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<v Speaker 2>Greer tomorrow in the great state of Ohio.

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<v Speaker 3>Have you had a chance to talking to the President.

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<v Speaker 2>Have you made any progress in getting many carve.

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<v Speaker 3>Outs or really encouraged.

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<v Speaker 5>I mean, look, Ford is the most American car company.

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<v Speaker 5>We produce the most, most hourly workers, we export the most,

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<v Speaker 5>and so the administration has been great to work with.

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<v Speaker 5>They always answer the phone. But there is a long

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<v Speaker 5>list of things we got to work through. I think

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<v Speaker 5>we've made progress on mitigating some of the tariffs, but

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<v Speaker 5>we have more work to do. For US, we have

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<v Speaker 5>a high exposure aluminum, for example. The EPA changes are

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<v Speaker 5>really welcome, frankly, and we're seeing that play out really

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<v Speaker 5>in our business. Part of the reasons why our valuation

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<v Speaker 5>is increasing is because people understand we can build more

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<v Speaker 5>profitable vehicles now and that's more employment in the US.

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<v Speaker 3>But there's a long list.

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<v Speaker 5>We got the USMCA coming up, very important negotiation for Ford.

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<v Speaker 3>We need to change USMCA. But we built our entire vehicle.

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<v Speaker 5>Business as an industry between Canada and Mexico and the US.

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<v Speaker 3>We have to get this revised, but it will be

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<v Speaker 3>very important.

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<v Speaker 5>I think continue to work with administration tariffs, How we

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<v Speaker 5>handle the China. You know, if you look at what's

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<v Speaker 5>happening in Europe right now in the UK, the Chinese

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<v Speaker 5>are now quickly almost ten percent of the marketplace, and

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<v Speaker 5>electric cars even higher. They pose a lot of threat

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<v Speaker 5>to labor locally. They have huge subsidies from the government

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<v Speaker 5>that they're exporting. As a country, we need to decide

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<v Speaker 5>how what is a fair playing field from a cost

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<v Speaker 5>how do we handle you know, these vehicles. If we're

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<v Speaker 5>scared of a balloon, you can imagine a car with

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<v Speaker 5>ten cameras that can drive itself. You know, these are

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<v Speaker 5>incredibly sophisticated technologies, and when we deploy that in China,

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<v Speaker 5>it has to be approved by their defense department because

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<v Speaker 5>you know, those vehicles can be guided into all sorts

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<v Speaker 5>of things.

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<v Speaker 3>Well, we need the same. You know.

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<v Speaker 5>We have a good starting point for that philosophy of

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<v Speaker 5>the ITC of the vehicle, the digital footprint. Now we

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<v Speaker 5>have to, you know, make sense of that for the

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<v Speaker 5>China threat. I know that the President talked about that

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<v Speaker 5>during his visit at the Economic Club.

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<v Speaker 3>How do we handle Chinese cars? Now? His personal opinion

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<v Speaker 3>was we should let them into the US.

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<v Speaker 5>But but maybe you know, I think we need to

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<v Speaker 5>work through that as a as a company and as

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<v Speaker 5>as a country. I think there's always a lot of

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<v Speaker 5>big topics for the car industry because it's so important

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<v Speaker 5>for our for our country.

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<v Speaker 2>Well, we'll be covering all of those here uh in

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<v Speaker 2>Detroit with you Jim and you Laurent. Thank you so

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<v Speaker 2>much for joining us.