Ford suggests Chinese automakers may enter the US market within the next decade
Kyiv • UNN
Ford CEO Jim Farley stated that Chinese automakers could enter the US market within five to ten years. The company is preparing for competition by developing affordable electric vehicles.
Ford CEO Jim Farley told company employees that Chinese automakers could enter the U.S. market within the next five to ten years, despite current U.S. trade restrictions. Reuters reports this, citing sources who were present at the meeting, writes UNN.
Details
According to the agency's interlocutors, Farley noted that Chinese manufacturers will most likely begin entering the market closer to the end of this period. He also emphasized that Ford is already preparing for such competition by developing a new line of affordable electric vehicles capable of competing with Chinese companies' products in price and efficiency.
Reuters notes that Jim Farley has repeatedly called Chinese automakers, particularly BYD, among the strongest competitors in the industry. Earlier, Ford Board Chairman Bill Ford stated that the company must learn to compete with China rather than rely on constant protection through trade barriers.
Currently, the U.S. effectively blocks the import of Chinese electric vehicles thanks to tariffs of about 100%. In addition, U.S. legislation provides for a ban on Chinese software in cars starting from the 2027 model year, and on Chinese equipment from 2030.
At the same time, according to Reuters, Chinese automakers are already actively strengthening their positions in the Mexican market, and experts consider Canada as a potential platform for their further entry into the North American market. Surveys also indicate growing interest among American consumers in Chinese electric vehicles.