Ford Motor Company CEO Jim Farley says Chinese electric vehicle Its main rivals are in the manufacturer sector, but the company faces barriers to cost competition on a smaller scale.
“We see the Chinese as the main competitor, not GM or Toyota,” Farley said Thursday at the Morgan Stanley Sustainable Finance Summit. “The Chinese are going to be a powerhouse.”
The world’s biggest auto markets are some of the best in China Battery The technology dominates EV production, Farley said. He cited BYD, Geely, Great Wall, Changan and SAIC as “winners” among Chinese automakers.
To beat Chinese automakers, Farley said ford Requires distinctive branding, what they believe it is, or low cost. “But if their scale is five times yours, how do you kill them?” Farley said. “The Europeans have let (Chinese automakers) in – so now they’re selling higher volumes in Europe.”
Ford said in February that it would invest $3.5 billion to build an electric vehicle battery plant in Michigan, using technology from Chinese partner CATL to make low-cost batteries.
The US Treasury must still issue rules later this year that will determine whether the Ford SAIC arrangement violates the ban on “foreign entities of concern” that is part of the $7,500 EV tax credit. For the plan, Ford was asked by Sen. Marco Rubio, R-Fla. has faced criticism.
Farley said, “We have to decide here in America.” “If the battery localizing their technology in the US gets caught up in politics – you know the customer is going to be really screwed.”
General Motors CEO Mary Barra made her first trip to China this week since the start of the pandemic, as GM grapples with declining sales there.
Ford is cutting costs in China, where its sales have been declining since 2016. It is restructuring one of its joint ventures to turn it into an export hub for low-cost commercial electric and combustion vehicles.
In January, Tesla CEO Elon Musk said of Chinese automakers: They work the hardest and they work the smartest. …and so we guess, there’s probably a company out of China that’s most likely to be second only to Tesla.
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This news is auto-generated through an RSS feed. We don’t have any command over it. News source: Multiple Agencies: Autocar India, hindustantimes, economic times, autonews
