Headline! Ford CEO says Tesla is not the biggest competitor, BYD is

Ford CEO says BYD, not Tesla, is their biggest competitor

【PhoneAuto News】Recently, according to PhoneAuto, Jim Farley, CEO of Ford, publicly stated that their biggest competitor in the field of electric vehicles is not the American leader Tesla or former competitor General Motors, but China’s domestic auto brands.

Ford

According to relevant media reports, Ford’s CEO said at the sustainable development finance summit held by Morgan Stanley in the United States that Chinese companies like BYD, in which “stock god” Warren Buffett invested, are leading the way in electric vehicles compared to large American automakers and startups, especially in battery chemistry and other emerging technologies.

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The Ford CEO said: “We believe that Chinese automakers are our main competitors, not General Motors or Toyota.” He cited BYD as an example of a successful Chinese automaker that has developed and sold electric vehicles, first in China and now expanding into the European market.

It is worth mentioning that when the Ford CEO was asked which company was doing the best in electric vehicles, Farley said: “I like BYD. This company is fully vertically integrated, aggressive, and leaves a deep impression on people.” His comments are in line with many industry experts and investors who are optimistic about the future growth prospects of BYD and other Chinese domestic auto brands.

In addition, Philip Ripman, portfolio manager at Storebrand Asset Management, said last week: “BYD has a huge market share, whether it’s from the perspective of electric vehicles or battery production.”

According to statistics, BYD’s sales in the Chinese market have grown from 445,000 vehicles in 2015 to nearly 2 million vehicles last year, making it one of the top five automakers in terms of sales in China.

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