Ford CEO Sees Competition From Chinese Automakers, Not GM & Toyota: Report

Ford Motor Company's F Chief Executive Jim Farley said the company's largest competitors for manufacturing electric vehicles are the Chinese firms like Warren Buffett-backed BYD Co., Ltd.BYDDF, Geely, and more.
Ford must focus on distinctive branding and cost control initiatives to gain a competitive edge over these Chinese automakers, Reuters reported.
Also Read: China's New EV Dynamics: BYD Leads EV Race While GM, Honda, Nissan Trail
"We see the Chinese as the main competitor, not General Motors Company GM or Toyota Motor Corporation TM," Farley said during the Morgan Stanley Sustainable Finance Summit.
The Chinese automakers are selling in high volumes in Europe.
"If battery localizing their technology in the US gets caught up in politics - you know the customer is really going to get screwed," the report cited Farley.
Price Action: F shares are trading higher by 2.02% to $11.61 in the premarket session on the last check Friday.