“I think we see the Chinese as the main competitors, not General Motors or Toyota,” Ford Motor Co. CEO said. Jim Farley at the Morgan Stanley Sustainable Finance Summit. “The Chinese will be a powerful people,” he added, quoted by Reuters.
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He emphasized that China, the largest car market in the world, have some of the best battery technology and dominate the production of electric vehicles. He mentioned a few specific companies: BYD, Geely, Great Wall, Changan and SAIC.
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Farley explained that Ford will not have any problems in this competition. Although it has a recognized brand, it cannot compete with the cost. -How can you beat them on cost if their level is five times yours? He asked sarcastically.
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Note that Ford recently announced a price cut for its electric Mustang Mach-e. The discount is expected to be 8%. This is the second time this year. However, this is not a nod to the company’s customers, but the effect of the price war that Ford is conducting, eg with Tesla. Jim Farley calls it “disturbing behavior.”