Ford CEO Praises Xiaomi EV, Warns of China Threat

Ford CEO Jim Farley has been driving a Xiaomi Speed Ultra 7, a Chinese electric vehicle, for six months and has openly praised it as 'fantastic', despite it not being available outside of China. Farley highlighted Xiaomi's success with the SU7, noting its monthly sales of 10,000 to 20,000 units and its six-month sell-out status. The Xiaomi EV has impressed Farley so much that he warns of Chinese automakers as an 'existential threat' to Western car companies, urging Ford to focus on smaller, affordable EVs to compete. While Xiaomi's EV division has been financially challenging, with losses of $9,200 per vehicle, the company plans to scale production and reduce costs. Farley's experience with the SU7 has reinforced the notion that Chinese tech companies are rapidly becoming formidable players in the global automotive industry. This scenario underscores the growing influence of Chinese EVs and the strategic adjustments Western automakers like Ford must make to remain competitive.