China Outpaces US in Electric Vehicle Race, Says Ford Chairman
TL;DR Summary
Ford Executive Chairman Bill Ford said that the United States is not yet ready to compete with China in the production of electric vehicles, as China has developed them quickly and at a large scale. Ford announced plans to invest $3.5 billion to build an electric vehicle battery plant in Michigan, using technology from Chinese battery company CATL. Ford CEO Jim Farley said that Chinese electric vehicle makers are its main rivals in the sector, and that Ford needs distinctive branding or lower costs to beat Chinese automakers.
- US can't yet compete with China on EVs, Ford chairman tells CNN Reuters
- Ford chairman says U.S. is unprepared to compete with China in electric vehicles: ‘They developed very quickly’ Fortune
- On GPS: US and China race for EV dominance CNN
- Ford chairman says US not ready to compete with China in EVs The Straits Times
- Watch CNBC's full interview with former Ford CEO Mark Fields CNBC Television
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