Ford CEO says Tesla doesn’t have an ‘updated vehicle.' He’s pivoting to catch up with China’s BYD

Ford CEO Jim Farley believes Tesla lacks an “updated vehicle” and is now concentrating on outcompeting China’s BYD, which he calls the “best in the business” for its cost-effectiveness, supply chain, manufacturing, and intellectual property. Farley emphasizes that Ford should emulate BYD’s innovation to produce affordable electric vehicles, acknowledging Chinese automakers as their primary competitors over traditional rivals like GM or Toyota. Ford is shifting its strategy, including a $19.5 billion charge to revamp its EV approach, focusing on hybrids and extended-range electric vehicles, and planning a $30,000 electric pickup truck by 2027.

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