At the Aspen Ideas Festival, Ford's CEO Jim Farley expressed admiration for China's electric vehicle (EV) industry, labeling it a serious threat to American automakers. He noted his extensive visits to China and highlighted that 70% of global EVs are produced there, attributing their success to superior in-vehicle technology integrated by companies like Huawei and Xiaomi. Farley underscored the urgent need for Ford to adapt and compete effectively in this changing landscape, as losing ground to China could jeopardize the company's future.
Farley emphasized the need for transformation at Ford to remain competitive in an ever-evolving landscape dominated by Chinese electric vehicle advancements.
He highlighted that China's dominance in the EV market is significant, with 70% of the world's electric vehicles manufactured there, showcasing the global shift in automotive technology.
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