Ford (NYSE:F) CEO Jim Farley isn't worried about Tesla. He's worried about China. In his words, Chinese automakers are the "700-pound gorilla" of the electric vehicles (EVs) industry because they offer “great innovation at a low cost.”
In the five years since taking the helm, Farley has taken big swings to transform the century-old automaker into a leaner and higher-margin business. Now, that transformation is entering a pivotal phase. With slowing EV demand in the U.S., the loss of key federal tax incentives, and intensifying competition from Chinese automakers like BYD (OTC:BYDDF) and Xiaomi, Ford is under pressure to reinvent how it builds electric vehicles.
