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Fortune
Fortune
Business
Marco Quiroz-Gutierrez

Ford CEO says Tesla doesn’t have an ‘updated vehicle,’ and now he’s pivoting to catch up with his real competitor: China’s BYD

Ford BYD Tesla Inc. Jim Farley China Donald Trump Elon Musk Xiaomi
(Credit: F. Carter Smith—Bloomberg/Getty Images)

When Ford CEO Jim Farley wanted to test out the competition, he looked not at Tesla but at China. Now he’s looking for ways the legacy carmaker can mimic its Chinese counterparts.

In 2024, Farley spent six months driving the Xiaomi Speed Ultra 7, the first electric vehicle made by the Chinese tech company known mostly for its smartphones. By the time the six months were up, Farley said, “I don’t want to give it up.”

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