According to a recent interview with Ford Motor Chief Executive Bill Ford, the United States is not yet ready to compete with China in the production of electric vehicles (EVs). In an appearance on CNN’s ‘Fareed Zakaria GPS’ Sunday show, Ford acknowledged that China has developed EV technology rapidly and on a large scale, allowing them to export their products. He emphasized the need for the US to be prepared for this competition.
Ford highlighted his company’s efforts to get ready for the rise of Chinese EV manufacturers. In February, Ford announced plans to invest $3.5 billion in building an electric vehicle battery plant in Michigan. The deal involves collaboration with Chinese battery company CATL (300750.SZ), which drew attention from US Senator Marco Rubio. Rubio asked the Biden administration to review the deal due to concerns about potential reliance on Chinese technology.
However, Bill Ford clarified that the Michigan battery plant is primarily an opportunity for Ford engineers to learn from Chinese technology and eventually use it themselves. He stated that it is a wholly owned facility by Ford and that they are only licensing the technology without any ownership transfer.
Ford CEO Jim Farley has previously identified Chinese EV makers as their main rivals in the sector. In May, he mentioned that Ford needs either a distinctive brand name or lower costs in order to compete effectively against Chinese automakers. Farley sees China as a powerhouse in the EV market and considers them as the primary competitor rather than traditional automakers like GM or Toyota.
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At last, according to Bill Ford’s recent interview, the United States is not yet prepared to compete with China in producing electric vehicles. Acknowledging China’s rapid development and large-scale production of EVs, Ford emphasized the need for readiness and preparation. Ford’s investment in a Michigan battery plant and collaboration with Chinese battery company CATL reflect their efforts to learn from Chinese technology. CEO Jim Farley also identified Chinese EV makers as their main rivals in the sector. As the competition intensifies, it remains crucial for US automakers to develop distinctive brands or lower costs to effectively compete against Chinese manufacturers.
According to knowledgeable sources, Ford Motor Chief Executive Bill Ford stated in an interview that the United States is not yet ready to compete with China in the production of electric vehicles (EVs). The rapid development and large-scale production of EVs by China have positioned them as global leaders in this industry. Ford acknowledged that China has already started exporting their EVs and emphasized the need for the US to be prepared for this competition. In an effort to catch up, Ford announced plans to invest $3.5 billion in building an electric vehicle battery plant in Michigan, which involves collaboration with Chinese battery company CATL. However, Bill Ford clarified that this is primarily an opportunity for Ford engineers to learn from Chinese technology rather than relying on it entirely. The CEO of Ford, Jim Farley, has also identified Chinese EV makers as their main rivals in the sector and sees China as a powerhouse when it comes to electric vehicles. As competition intensifies, US automakers will need distinctive brand names or lower costs to effectively compete against Chinese manufacturers.
Source: (Reuters)(https://www.reuters.com/business/autos-transportation/ford-chairman-says-us-cant-yet-compete-with-china-evs-cnn-interview-2023-06-18/)
