- Ford Motor Company's F Chief Executive Jim Farley said the company's largest competitors for manufacturing electric vehicles are the Chinese firms like Warren Buffett-backed BYD Co., Ltd.BYDDF, Geely, and more.
- Ford must focus on distinctive branding and cost control initiatives to gain a competitive edge over these Chinese automakers, Reuters reported.
- Also Read: China's New EV Dynamics: BYD Leads EV Race While GM, Honda, Nissan Trail
- "We see the Chinese as the main competitor, not General Motors Company GM or Toyota Motor Corporation TM," Farley said during the Morgan Stanley Sustainable Finance Summit.
- The Chinese automakers are selling in high volumes in Europe.
- "If battery localizing their technology in the US gets caught up in politics - you know the customer is really going to get screwed," the report cited Farley.
- Price Action: F shares are trading higher by 2.02% to $11.61 in the premarket session on the last check Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.