Additional Coverage:
- Ford’s CEO and CFO took a drive in a Chinese EV. What they said next reveals a lot about the state of the US auto industry. (newsbreak.com)
Ford executives were taken aback by the quality of a Chinese electric SUV during a test drive.
CEO Jim Farley and CFO John Lawler were particularly impressed by the vehicle’s smooth and quiet ride.
"These guys are ahead of us," Lawler exclaimed to Farley.
Ford’s concerns about Chinese electric vehicle competition were further heightened after another visit by Farley.
"This is an existential threat," Farley warned board member John Thornton.
Chinese automakers like BYD are dominating the EV market, particularly in developing nations and Southeast Asia.
To combat Chinese dominance, Western governments have imposed trade restrictions.
Ford is not the only American automaker facing pressure from Chinese rivals.
Tesla CEO Elon Musk has also acknowledged the threat posed by Chinese automakers, calling them "the most competitive car companies in the world."