Chinese electric vehicle companies are aggressively expanding into overseas markets and pose an existential threat to the U.S. auto industry, as stated by Ford CEO Jim Farley in an interview. Wall Street Journal (WSJ).
According to him, Chinese electric vehicle manufacturers are aggressively expanding into other markets through low prices, advantageous digital features, use of artificial intelligence and rapid launch of new models. Farley said this poses a major threat to the American auto industry. He acknowledged that companies in China are offering technologies in their electric cars that no other automaker in the United States offers.
Farley said Chinese brand BYD and other local firms have been taking away all market share from foreign rivals that previously dominated the PRC for several years. They are now growing rapidly and increasing sales in Asia, Europe and the Middle East.
The publication quotes Tesla founder Elon Musk, who described China as the world’s “most competitive” automaker.
In May It became knownTesla is rapidly losing ground in China. At the end of April, the American manufacturer’s electric vehicle sales in China were 21% lower than a year earlier. At the same time, total electric car sales in China this month increased by 28% compared to the same period in 2023.
Previous experts in the name The biggest advantage of Chinese cars over the “old” car manufacturers.