Ford Motor CEO Jim Farley believes that Chinese car manufacturers are “moving at lightning speed,” which undermines competition in the market. According to the businessman, competitors from China represent an “existential threat” to representatives of the Western industry.
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According to The Wall Street Journal, after a series of visits to China, Farley told one of Ford’s board members: “John, this is an existential threat.”
The head of the US auto giant said Chinese companies use cheap component suppliers, offer convenient digital features and aggressively expand into overseas markets, undermining competition.
Farley stressed that Chinese competitors are using artificial intelligence and other technologies “that are unlike anything available in the United States.”
“It’s nothing like it used to be,” Farley is quoted as saying by the WSJ. “These guys are ahead of us.”
At the end of the fourth quarter of 2023, the American Tesla lost out to China’s BYD in global electric vehicle sales for the first time. After this, Tesla CEO Elon Musk said that Chinese carmakers were “destroying other car companies in the world.”
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Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
