| Ford CEO Jim Farley has acknowledged the growing influence of Chinese automakers in the EV sector, namely BYD, and their sharp increase in sales over the past few years, which the government supported. These businesses pose a severe threat to U.S. producers like GM and Tesla. - The
breakthroughs made by BYD in sodium-ion battery technology are viewed
as promising for cheaper EVs and increased profit margins.
- With
plans to open in 2026, Ford's partnership with China's CATL for a new
$3.5B battery plant in Michigan promises to develop lithium iron
phosphate batteries at a lower cost.
- Farley emphasized BYD's
contribution to the creation of the LFP technology, which is regarded as
a better battery than the lithium-ion batteries currently the norm in
the industry.
- Due to tensions between the United States and
China, questions have been raised about the Ford-CATL agreement, but
Farley stresses the significance of allowing less expensive EV
technology to benefit consumers and prevent rising pricing.
|
