Ford Motor Co. (NYSE:F) CEO Jim Farley has hailed Chinese EVs as competition from Chinese automakers gets stiffer throughout the globe.
What Happened: "It’s the most humbling thing I have ever seen. Seventy percent of all EVs in the world, electric vehicles, are made in China," Farley said at an event, Yahoo Finance reported on Monday.
The CEO praised the vehicles for the advanced technology, hailing Xiaomi Corp. (OTC:XIACY) and Huawei's presence in "every car" in China. "You get in, you don’t have to pair your phone. Automatically, your whole digital life is mirrored in the car," Farley said.
He also said that part of the reason why Ford couldn't offer such technology in its vehicles is because Apple Inc. (NASDAQ:AAPL) and Alphabet Inc.'s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google "decided not to go in the car business."
"Beyond that, their cost, their quality of their vehicles is far superior to what I see in the West. 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,” Farley added.
Why It Matters: Farley's comments come in as Ford plans on releasing products on its new affordable EV platform in 2027. The company says its platform could rival Chinese competitors and match them in cost.
Ford is also going ahead with the plans to set up a battery plant, investing over $3 billion in the plant, which will be in Michigan.
However, Chinese automakers are also pushing more competitively priced and feature-rich EVs. Recently, Xiaomi unveiled the company's first-ever all-electric SUV dubbed the YU7, which closely rivals the Tesla Inc. (NASDAQ:TSLA) Model Y.
BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) also unveiled its Seal 06 Sedan, priced at over $15,000 in China, increasing the competition in China's domestic car industry amid the EV price war.
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