Ford's CEO, Jim Farley, has spent the last six months behind the wheel of a Chinese electric vehicle, the Xiaomi Speed Ultra 7 (SU7), which he flew from Shanghai to Chicago and describes as "fantastic." His experience underscores a broader reality: China's leading role in the electric vehicle sector, rivaled only by Tesla.
During his visit to China earlier in the year, Farley was taken aback by the advancements he witnessed. He has since labeled Chinese EV manufacturers as an "existential threat" to traditional automotive industries. At a conference in February, he expressed urgency about the need for his company and others to adapt, warning that neglecting to do so could jeopardize up to 30% of their revenue.
Farley's admiration isn't limited to the SU7. He also commended BYD's Seagull, an affordable electric car priced below $10,000, noting its impressive quality for the cost. The Seagull has become a bestseller in China, with BYD selling nearly 43,500 units in the previous month, highlighting the competitive edge and consumer appeal of Chinese EVs in the global market.