CEO Jim Farley opined that Chinese EV manufacturers are their main target and therefore, the company requires proper branding and cheaper costs to defeat its rivals
In a media interaction, Ford Motor Executive Chairman Bill Ford has now stated that in the electric vehicle market, the US is yet to compete with China in terms of manufacturing and production of electric cars. The Ford executive exclusively told CNN that China developed its electric vehicle ecosystem at a very rapid pace
China manufactured them at a very large scale and is now exporting them internationally. They are not currently present in the US market, but the time is appearing soon when they will foray in the US. Therefore, we need to develop our own EV industry and geared up for it. Back in Feb 20, 2023, this US based global automobile manufacturer proclaimed to invest $3.5 billion to commence a state of the art EV battery industry in the US state of Michigan.
To meet the same, there is a contract by which Ford would utilize the top-notch technology from the renowned Chinese battery manufacturer CTL. As per the CNN report, US senator Marco Rubio has requested the Biden government to review the deal thoroughly. Henry Ford’s great grandson Bill Ford in a media gathering said that the upcoming EV plant in Michigan would provide huge opportunities to the Ford technicians and engineers to learn the technology in detail and then utilize it accordingly.
Reports also surfaced recently that for the upcoming plant in Michigan, Ford is likely to partner with a Chinese firm Amperex Technology. The company executives also added that towards the end of 2026, the factory is likely to get operational and it would provide employment opportunities to more than 2,500 people. The Michigan plant is expected to manufacture lithium iron phosphate batteries, which is going to be more cost-effective than the nickel cobalt manganese batteries, which are in use by most of the companies.
“It (Michigan) is a wholly owned Ford facility. They'll be our employees, and all we're doing is licensing the technology. That's it," added Ford. CEO Jim Farley opined in the month of May that Chinese EV manufacturers are their main target and therefore, the company requires proper branding and cheaper costs to defeat its rivals.
