Ford CEO Jim Farley in new interview: "The competitive reality is that the Chinese are the 700-pound gorilla in the EV industry. There's no real competition from Tesla, GM, or Ford with what we've seen from China. It is completely dominating the EV landscape globally and more and more outside of China. China's successful for good reason. It has great innovation at a very low cost," Farley said.
"There's hundreds of companies, and they're all sponsored by their local governments, so they have huge subsidies. It's new brands. It's BYD and Geely, and companies like Nio and Xiaomi, many of which have never been in the car business before, and that's a big advantage for them," he added.
"They have far superior in-vehicle technology. Huawei and Xiaomi are in every car," Farley said. "You get in, you don't have to pair your phone. Automatically, your whole digital life is mirrored in the car. We are in a global competition with China, and it's not just EVs. And if we lose this, we do not have a future Ford."