Ford CEO: Chinese automakers such as BYD are our biggest competitors

On May 26th, Ford CEO Jim Farley announced on Thursday that the company's biggest competitor in the electric vehicle industry is not American leader Tesla or cross city competitor General Motors, but Chinese automakers.Farley said at the Sustainable Development Finance Summit held by the US investment bank Morgan Stanley that Chinese companies such as BYD, supported by Warren Buffett, are ahead of major US automakers and startups in electric vehicles, especially in battery chemistry and other emerging technologies

On May 26th, Ford CEO Jim Farley announced on Thursday that the company's biggest competitor in the electric vehicle industry is not American leader Tesla or cross city competitor General Motors, but Chinese automakers.

Farley said at the Sustainable Development Finance Summit held by the US investment bank Morgan Stanley that Chinese companies such as BYD, supported by Warren Buffett, are ahead of major US automakers and startups in electric vehicles, especially in battery chemistry and other emerging technologies.

Farley said, "We believe that Chinese automakers are our main competitors, not General Motors or Toyota." He regarded BYD as a model for Chinese automakers to successfully develop and sell electric vehicles, first in China and now entering the European market.

When asked which company is doing the best in electric vehicles, Farley said, "I like BYD. This company is completely vertically integrated, proactive, and leaves a deep impression

According to data from market forecasting service research firm LMCAutomotive, BYD's sales in China increased from 445000 units in 2015 to nearly 2 million units last year, making it one of the top five automakers in terms of sales in China.

Farley's comments are consistent with many industry experts and investors who are optimistic about the future growth prospects of BYD and other Chinese automakers.

Philip Ripman, portfolio manager at Storebrand Asset Management, said last week: "Whether from the perspective of electric vehicles or battery production, BYD has a huge market share

Ripman manages the $1 billion Storebrand Global Solutions Sustainable Development Fund and highlights BYD's development in cheaper sodium ion battery technology, which may replace lithium batteries. He pointed out that these technologies may be used in more affordable electric vehicles than BYD and help improve the company's profit margin.

Farley also pointed out that compared to the current lithium-ion battery industry standards in the United States, BYD's batteries have more advantages. Earlier this year, Ford announced a new partnership with Ningde Times, spending $3.5 billion to build a new factory in Michigan to produce cheaper batteries.

This plant will produce new lithium iron phosphate battery instead of the more expensive lithium nickel cobalt manganese battery currently used by Ford. Ford expects the new factory to be operational in 2026, employing approximately 2500 employees.

Farley praised BYD's role in promoting this technological advancement. He said, "BYD is now much larger in scale than Tesla, and they have developed LFP technology, which is a better battery