Ford’s CEO didn’t mince words in describing the threat that the Chinese automotive industry represents in the race for electric vehicle market leadership. Jim Farley stated that Chinese electric cars are already superior today to those produced in the West.
The American automaker has set in motion a new strategy to bridge the gap and intends to develop more accessible and competitive electric cars. But doubts remain whether this strategy will be enough to worry the Chinese competition. In recent public statements, Farley has appeared increasingly alarmed, going so far as to suggest that Ford itself may have no future if it loses the challenge with Chinese giants.
Ford: according to the CEO, the brand may have no future
The executive analyzed the current market scenario, emphasizing how China is playing a role of absolute dominance. A supremacy that, according to Farley, puts at risk not only Ford, but also manufacturers of the caliber of Tesla and General Motors. “The reality is that China is the great power in the electric vehicle sector,” he stated.
For Farley, the gap is now evident: “There is no real competition between American and Chinese manufacturers. Tesla, GM and Ford cannot compete with what China is already offering. It has the global electric vehicle market in its hands and is expanding more and more beyond its borders.”
The secret of Chinese success, according to the CEO, lies in a simple formula: “High-level innovation at extremely low costs. There are hundreds of companies that benefit from enormous state subsidies. Brands like BYD and Geely, or younger players like Nio and Xiaomi, which had never operated in the automotive sector, have exploited this competitive advantage.”
Farley concluded with a warning: “We are in a global competition with China, which however is not only about electric cars. If we lose this battle, Ford will have no future.” A statement made even more significant by the fact that the CEO himself admits to driving a Xiaomi SU7 every day, which he has praised on multiple occasions.
