Ford CEO Discusses Company's Role in Affordable Vehicle Market

Why it matters locally: Virginia consumers, like those nationwide, are facing increasing vehicle costs and longer loan terms, making Ford's commitment to affordable models relevant to the state's automotive market.

Ford CEO Jim Farley stated his company holds a responsibility to introduce more affordable vehicles to the U.S. market. Farley informed NBC News' Christine Romans that Ford plans to release five additional budget-friendly models. Consumers in the United States continue to purchase vehicles. However, buyers are borrowing record amounts of money. They also take on longer car loans to manage their finances.