Ford Ramps Up EV Strategy to Counter Chinese Competition, Considers Collaboration on Battery Costs

Ford CEO Jim Farley announces a strategic shift to compete with Chinese EV makers, including potential collaborations to reduce electric vehicle battery costs.

Ford CEO Jim Farley highlights the challenge from Chinese EV makers, particularly BYD, and the risk to Ford's global revenue.
Ford to lose $5 billion to $5.5 billion on its electric vehicles this year, prompting a reevaluation of its EV and battery strategy.
Farley suggests collaboration with other automakers to cut EV battery costs, citing the need for competitive pricing against Chinese rivals.
Ford's focus on cost reduction includes a $2 billion cut in production costs and the launch of a new, affordable EV model.
Chinese EV maker BYD considers opening an assembly plant in Mexico, intensifying competition in the EV market.