Ford Motor Co. CEO Jim Farley is looking further afield than the Dearborn, Michigan, automaker's traditional rivals as the company charts a future defined by electric, digitally-connected vehicles: namely, to China.
"We see the Chinese as the main competitor, not GM or Toyota," said Farley, speaking at a Morgan Stanley conference Thursday. The comment came in response to a question about how Ford can preserve its current strategy of focusing on the segments where it's most successful, in the context of an increasingly competitive landscape and as Chinese automakers make significant gains.
"As far as the Chinese (are) concerned, it's going to be really humbling. They produce 70% of the electric vehicles in the world in China," Farley said. "The Chinese are going to be the powerhouse, we think. To beat them, you either have to have a very distinct brand — which we think we do, by leaning into our icons — or you have to beat them on cost. But how do you beat them on cost if their scale is five times yours?"
