The Ford CEO is concerned about competing with Chinese automakers, who have an advantage on cost and scale car auto cars
Ford CEO Jim Farley has dismissed the likes of GM and Toyota from his list of EV rivals and instead worries about the likes of Geely, BYD, Great Wall and SAIC. That’s according to the Blue Oval head’s statement at the Morgan Stanley Sustainable Finance Summit earlier this week.
“The Chinese are going to be the powerhouse,” said Farley. Indeed, Chinese manufacturers are forging ahead with EV tech, withalready vying to sell more EVs globally this year than current leaders Tesla. China represents the world’s largest auto market and has already harnessed state-of-the-art battery production.
And these automakers are looking for inroads into Europe too. Chinese carmakers exported two million vehicles in 2022, a four-fold increase from 2020, and given the strength of exports through the first quarter of 2023, Chinese car exports could top three million vehicles this year.
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