Shulou(Shulou.com)11/24 Report--

On May 26, Ford CEO Jim Farley said on Thursday that the company's biggest competitor in electric vehicles is not US leader Tesla or cross-city rival General Motors, but Chinese automakers.

Speaking at the Sustainable Finance Summit held by Morgan Stanley, the US investment bank, Farley said that Chinese companies such as BYD, backed by "equity god" Warren Buffett (Warren Buffett), are ahead of big US carmakers and start-ups in electric vehicles, especially in battery chemistry and other emerging technologies.

"We think Chinese carmakers are our main competitors, not GM or Toyota," Mr Farley said. " He cited BYD as a model for the successful development and sale of electric cars by Chinese carmakers, first in China and now entering the European market.

Asked which company did the best in electric cars, Farley said: "I like BYD." the company is fully vertically integrated, aggressive and impressive. "

BYD's sales in China rose from 445000 in 2015 to nearly 2 million last year, making it one of the top five automakers by sales in China, according to LMC Automotive, a market forecasting service research firm.

Farley's comments are in line with many industry experts and investors who are bullish on the future growth prospects of BYD and other Chinese automakers.

"BYD has a huge market share, both from the perspective of electric vehicles and from the perspective of battery production," Philip Ripman, portfolio manager at Storebrand Asset Management, said last week.

Lippman, who manages the $1 billion Storebrand Global Solutions Sustainability Fund, highlighted BYD's development in cheaper sodium-ion battery technology, which could replace lithium batteries. He pointed out that these technologies could be used in BYD's more affordable electric vehicles and help improve the company's profit margins.

Farley also pointed out that compared with the current US lithium-ion battery industry standards, it has more advantages than YD's batteries. Earlier this year, Ford announced a new partnership with the Ningde era, spending $3.5 billion to build a new plant in Michigan to produce cheaper batteries.

The plant will produce new lithium iron phosphate batteries instead of the more expensive lithium-nickel-cobalt-manganese batteries currently used by Ford. Ford expects the new plant to be operational by 2026, employing about 2500 people.

Farley praised BYD for its role in promoting this technological progress. "BYD is now much larger than Tesla, and they have developed LFP technology, which is a better battery," he said. "

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