US not ready to compete with China on EVs: Ford Chairman

June 19, 2023 (MLN): Ford Motor (NYSE: F) Executive Chairman Bill Ford said that the United States is not quite yet ready to compete with China in the production of electric vehicles (EVs).

"They developed very quickly, and they developed them in large scale. And now they're exporting them," Ford told CNN's 'Fareed Zakaria GPS' Sunday program. "They're not here but they'll come here we think, at some point, we need to be ready, and we're getting ready," Ford said.

Ford CEO Jim Farley said in May that Chinese electric vehicle makers are its main rivals in the sector, and that Ford needs distinctive branding or lower costs to beat Chinese automakers.

"I think we see the Chinese as the main competitor, not General Motors (NYSE: GM) or Toyota Motor Corp (TYO: 7203). The Chinese are going to be the powerhouse," he said.

In February, the automaker announced plans to invest $3.5 billion to build an electric vehicle battery plant in Michigan in a deal that involved using technology from Chinese battery company CATL (300750SZ), attracting attention from U.S. Senator Marco Rubio who asked the Biden administration to review the deal, as Reuters reported.

Bill Ford, who is the great-grandson of company founder Henry Ford, said in the program that the Michigan battery plant is a chance for Ford engineers to learn the technology and then use it themselves.

"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." he added.

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