Ford Announced New Strategy For Chinese Rivals

Ford has declared that it is developing a new strategy for electric vehicles to rival Chinese automakers and may work with other auto giants to lower battery costs.

To compete with Chinese companies, Ford is rethinking its approach to electric vehicles, and Jim Farley, the CEO of Ford, said on Thursday that the company may collaborate with other automakers to lower the cost of batteries for electric vehicles.

Speaking at a conference at Wolfe Research, Farley said BYD and other low-cost Chinese electric vehicle makers are now one of Ford’s biggest challenges. “If you can’t compete with the Chinese worldwide, you risk 20 percent to 30 percent of your revenue over the next few years,” Farley said
This year, Ford predicts it will lose between $5 and $5.5 billion on electric vehicles. The company has established a specialized team known as "shunk works," which is isolated from the primary engineering operations of the company, with the aim of creating an affordable electric car that can rival BYD's Seagull model, according to the CEO. Ford is assessing its battery plan as well.