Ford CEO: China's auto industry is threat to US car manufacturers
Jim Farley, the President and Chief Executive Officer of Ford, believes the rapid development of electric vehicle production in China threatens the United States with a serious gap in the struggle for foreign markets, TASS reports with reference to The Wall Street Journal
"This is an existential threat," Jim Farley is quoted as saying.
It is noted that Chinese automakers are ‘developing at the speed of light’, as they use AI and other new technologies, which have no analogues in the United States.
According to the publication, Ford and other global automakers have not considered China as a serious threat for decades, but ‘methodical investments’ and ‘generous government subsidies’ have allowed Chinese companies to take a big step forward. At present, Chinese electric vehicles are gaining an increasing popularity in Europe, the Middle East and Asia due to lower prices and built-in high-tech functions.
