Ford CEO Jim Farley views the rise of fast-growing EV companies in China as an "existential" threat, potentially crushing established US car manufacturers like Ford and GM.
Doug Field highlighted that the Chinese government has significantly boosted local EV manufacturers, adding to the challenges faced by Ford and its ability to adapt to market changes.
Currently, EV sales in America are only around 9% of new car sales, with consumers concerned about battery range, charging availability, and high vehicle costs.
Ford's planned $30 billion investment in electric vehicles has been postponed due to slow sales, leaving the company reliant on its gas-powered truck sales amid growing competition.
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