During an interview on CNN’s ‘Fareed Zakaria GPS’ program, Ford Motor’s Executive Chairman, Bill Ford, expressed his belief that the United States is not yet prepared to compete with China in the realm of electric vehicle (EV) production. He acknowledged China’s rapid development and large-scale production of EVs, which have allowed them to become major exporters in the market.
Ford emphasized the need for the U.S. to be prepared for the influx of Chinese EVs in the future. While Ford acknowledged that Chinese EVs are not currently present in the U.S., he stressed the importance of readiness. He mentioned that Ford is actively working to get prepared for this potential competition.
Earlier this year, Ford made headlines by announcing its plans to invest $3.5 billion in the construction of an electric vehicle battery plant in Michigan. The deal involved incorporating technology from a Chinese battery company called CATL. This partnership attracted the attention of U.S. Senator Marco Rubio, who called for a review of the agreement by the Biden administration.
During the program, Bill Ford clarified that the Michigan battery plant represents an opportunity for Ford engineers to gain knowledge about the technology and eventually apply it themselves. He emphasized that the facility is solely owned by Ford, and the employees working there will be Ford employees. The arrangement primarily involves licensing the technology from CATL.
In May, Ford CEO Jim Farley expressed the view that Chinese electric vehicle manufacturers are their main competitors in the industry. He highlighted the need for Ford to establish distinct branding or reduce costs in order to outperform Chinese automakers. Farley specifically identified Chinese companies as the emerging powerhouse in the electric vehicle sector, rather than traditional competitors like GM or Toyota.
Source: Reuters
