Ford CEO Jim Farley and CFO John Lawler were left shocked by the quality of a Chinese electric SUV, feeling that Chinese automakers are ahead in the EV space.
Farley expressed concerns calling Chinese EV advancements an 'existential threat,' reflecting the competitive impact of Chinese automakers on the traditional automotive landscape.
Chinese automakers like BYD dominate the EV market globally, with significant shares in developing countries, intensifying competition against American and European manufacturers.
The rapid rise of Chinese EVs led to Western governments imposing trade restrictions, including tariffs aimed at limiting Chinese automotive market access.
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