"Farley stated, 'If Ford wants to be the best in the world, the company needs to focus on its competition abroad, not only Xiaomi but also the Chinese EV leader BYD, which is the best in the business when it comes to cost, supply chain, manufacturing, and intellectual property.'"
"Farley expressed his satisfaction with the Xiaomi SU7, saying, 'I don't want to give it up,' highlighting his positive experience with the vehicle."
"Farley remarked, 'Nothing against Tesla. They've been doing great, but you know, they really don't have an updated vehicle,' indicating his view on the need for more innovation."
"Despite tariffs, BYD's European sales increased nearly three times, showcasing the growing acceptance of Chinese EVs in international markets."
Ford CEO Jim Farley has been testing the Xiaomi Speed Ultra 7, a Chinese electric vehicle, for six months. He believes that Ford should learn from Chinese competitors like BYD, which excels in cost and manufacturing. Farley noted that while Tesla has made updates to its vehicles, they are not as significant as those from Chinese companies. Despite tariffs preventing Chinese EVs from entering the U.S. market, their popularity is growing in other regions, particularly Europe.
Read at Fortune
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