Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Jim Farley will take over as Ford CEO on Oct. 1. (Photo by Spencer Platt/Getty Images)

Ford Motor Co.'s new CEO, Jim Farley, is taking the reins from his predecessor, James Hackett, at a critical time.

Why it matters: The global auto industry is shifting quickly toward electrification, automation and transportation services, but Ford has been unable to keep pace. Hackett's $11 billion global transformation, launched in 2017, was slow to materialize, frustrating investors as Ford's stock dropped almost 40% during his tenure.

  • It's up to Farley, a former Toyota executive who joined Ford 13 years ago, to accelerate the restructuring while focusing on growth opportunities like software and fleet management services.
  • “We know our competition today is Amazon, Baidu, Tesla, Apple, Toyota, and others. They’re well-financed and voracious companies," Jim Farley, incoming Ford CEO, told reporters Tuesday.

Farley described four goals during a call with reporters and said he'll provide more details soon:

  • To grow and expand its strengths, especially battery-powered commercial vehicles like vans.
  • To make software and infrastructure just as important as its products.
  • To expand its lineup of affordable vehicles and services.
  • To lower the cost of moving people and goods through automated vehicle technology.

Farley said the company must “swing for the fences” to fulfill its mission, including a return to 10% profit margins in North America.

  • Yes, but: Doing so will be difficult in the face of the economic collapse triggered by the pandemic, which shuttered Ford plants for two months and saddled the company with debt.

For the record: While Hackett was often misunderstood because of his Socratic leadership style, the former Steelcase CEO and University of Michigan athletic director succeeded in setting the automaker on the right course, said Executive Chairman Bill Ford Jr.

  • Hackett made the controversial decision to stop building unprofitable sedans, negotiated an important partnership with Volkswagen and pushed Ford into new mobility initiatives.
"He still doesn’t get enough credit for taking on the tough issues, and slaying the sacred cows of our business. He cared more about the company's reputation than his own."
— Bill Ford Jr.

What to watch: “Nothing makes me happier than having a smooth transition,” Bill Ford said. "And now we have it."

  • Farley takes over on Oct. 1 and Hackett will remain a strategic advisor to the company until March 2021.

This story has been updated with new details.

Go deeper

Aug 14, 2020 - Economy & Business

Michigan plans 40-mile corridor for autonomous vehicles

Source: Cavnue

Michigan plans to develop a 40-mile stretch of highway dedicated to connected and autonomous vehicles between Detroit and Ann Arbor.

Why it matters: The corridor would be the first in the nation, improving transit access for people who live and work along the route.

Supreme Court agrees to hear challenge to affirmative action at Harvard, UNC

Photo: Al Drago/Getty Images

The Supreme Court on Monday agreed to hear a pair of cases challenging the consideration of race in the college admissions processes.

Why it matters: The conservative high court's ruling could determine the future of affirmative action in higher education.

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.