· Ford CEO Jim Farley stated on Thursday that the biggest competition for the automaker in electric vehicles are Chinese companies, such as BYD.

· BYD has successfully developed and sold EVs, growing its sales in China from 445,000 units in 2015 to almost two million in 2022.

· Farley highlighted BYD’s developments in battery chemistry and other emerging technologies, as well as their advantages in LFP technology compared to current U.S. industry standards of lithium-ion batteries.

· Ford earlier this year announced a collaboration with CATL to build cheaper batteries in Michigan, using LFP technology instead of more expensive nickel cobalt manganese batteries.

· Farley cautioned against politics getting in the way of allowing cheaper EV technologies in the U.S., citing potential negative impacts on consumers.

In announcing a new $3.5 billion EV battery plant in suburban Detroit, Ford CEO Jim Farley identified Chinese automakers as the company’s greatest competitors in the electric vehicle market, ahead of Tesla and General Motors. Specifically, Warren Buffett-backed BYD was used as an example of a Chinese automaker that has successfully developed and sold EVs. Farley highlighted BYD’s advancements in battery chemistry and other emerging technologies, as well as their advantages in LFP technology over current U.S. industry standards of lithium-ion batteries. Meanwhile, Ford’s collaboration with China's CATL to build cheaper batteries in Michigan has raised concerns amid tensions between the U.S. and China. Farley cautioned against politics affecting the availability of cheaper EV technologies in the U.S. and potentially harming consumers.