Jim Farley, CEO of Ford Motor Co., expressed deep concerns at the Aspen Ideas Festival about the rising competition from China's electric vehicles (EVs), calling them 'far superior' to those made in the U.S. He noted that 70% of all EVs produced globally are from China. Ford's struggles are highlighted by disappointing sales figures, with a 25% decline in U.S. EV sales and minimal presence in key international markets. Tariffs currently protect American car manufacturers from Chinese imports, but their potential removal poses a serious threat to Ford and GM.
Farley stated that after experiencing China's EVs, it was the 'most humbling thing I have ever seen.' His remarks highlight the competitive edge of Chinese automotive technology.
He expressed concern over China's dominance in the EV market, noting that '70% of all EVs in the world are made in China,' pointing to a major challenge for U.S. manufacturers.
Despite investing nearly $30 billion in EVs, Ford's sales are dwindling. U.S. EV sales fell 25% year-over-year, a worrying sign for the company's strategy.
Farley acknowledged the barriers that have protected Ford somewhat, stating that without current tariffs, the influx of Chinese EVs could 'decimate Ford and GM'.
Collection
[
|
...
]