Ford CEO Jim Farley Heaps Praise On China EV Maker That Is In 'Totally Different World Than Tesla'
by
Shanthi Rexaline, Benzinga Editor
April 21, 2023 4:55 AM | 2 min read
ZINGER KEY POINTS
Ford needs to have to rethink what the Ford brand means in a place like China, CEO Jim Farley says.
He reasoned that European foray of Chinese companies reflect the intense competition in some segments of the EV market.
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, which is currently ranked the number three player in the U.S. electric vehicle market, has set its sights on China, the world's second-largest EV market.
What Happened: "We're going to have to rethink what the Ford brand means in a place like China," said Ford CEO Jim Farley at a charity event in Detroit, Reuters reported.
He delved into the mushrooming competition in China, a "hot-and-happening" EV market. "It can't be like the middle of the market. It's totally over-filled," he reportedly said.
The executive said the only premium brands succeeding in the country were all-electric from the start, with a focus on technology, digital experience of drivers and services, the report said.
The differentiation is with respect to technology and services, he added.
In China, there is intense competition in the market for two-row SUV-styled EVs, Farley reportedly said. This is the segment in which EV leader
competes with its Model Y vehicle. It is because of the overcapacity in the segment that most domestic EV makers are eyeing Europe, a premium export market, he added.
See Also: Best Electric Vehicle Stocks
BYD Is Impressive: Farley also reserved special praise for Warren Buffett-backed BYD Company Limited
and lauded it for its vertical integration.
“There is one huge company that is so impressive, BYD. They’re in a totally different world than Tesla,” the Ford CEO.
“They’re totally vertically integrated, completely, all the way to batteries."
Why It's Important: Ford has a presence in China, although its performance leaves much to be desired. Its sales in the country comprise mainly its ICE vehicles. Data available from the company showed that its China sales fell 11% year-over-year in the third quarter of 2022.
Despite operating out of China for a long time and having a manufacturing plant in the country, Tesla hasn't been able to compete effectively with the domestic upstarts. Analysts say the absence of an ultra-affordable EV could be hurting the company.
Re: 中國車已經超過美國車至少10年
发表于 ： 2023年 5月 5日 12:35
由 SOD
福特CEO：必须重塑品牌以应对中国电动汽车竞争
2023年04月21日 13:02 231 次阅读 稿源：环球市场播报 0 条评论
IT 与交通
Apr 20, 2023 — "They're all beautiful. All of these vehicles are so beautiful. Go to China." Farley said Chinese automakers also faced intense competition in