Ford CEO Sees Competition From Chinese Automakers, Not GM & Toyota: Report

  • 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.

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