US falls behind China in electric vehicle race, says Ford chairman and former CEO.

Ford Executive Chairman Bill Ford Jr. said the US is not yet ready to compete with China in the production of electric vehicles, as China has developed them quickly and at large scale. China is poised to become the world's No. 2 exporter of passenger vehicles, challenging traditional car exporters such as Germany. Ford announced it will invest $3.5 billion in an electric-vehicle battery plant in Michigan, with technology and support from China's Contemporary Amperex Technology. US Transportation Secretary Pete Buttigieg said the US must take steps to cut into China's advantage in EV batteries.