The Blue Oval company said the US is not yet ready to compete with China.
Ford says that the United States is not yet ready to compete with China in electric vehicle (EV) production. In a report by Reuters, the Blue Oval company went on to say China is seen as its biggest competitor, and not General Motors and Toyota.
"They [China] developed very quickly, and they developed them in large scale. And now, they're exporting them," Ford Executive Chairman Bill Ford told CNN's 'Fareed Zakaria GPS' Sunday program. "They're not here but they'll come here we think, at some point, we need to be ready, and we're getting ready."
Ford is competing in the EV race by investing $3.5 billion to build a new battery plant in Michigan in partnership with China's Contemporary Amperex Technology Co. Limited (CATL).
The partnership was hit by controversies, with some saying it raises geopolitical concerns.
The new EV facility aims to lower prices on the brand's EV models including the Ford Mustang Mach-E and F-150 Lightning. Ford is currently licensing technologies from CATL, helping its engineers to learn the tech and use it for themselves. But until then, the company will buy the batteries from CATL.
GM has yet to be seen doubling down on electrification. The Michigan-based car manufacturer instead recently invested over a billion dollars to retool various plants to keep its ICE lineup alive.
GM said sales from gas-guzzling trucks and SUVs such as the Silverado 500 would help fund its EV program.
Meanwhile, Toyota appears hesitant to expand its EV portfolio, with the bZ4X the only all-electric model available in the US. But in a recent technical briefing session, the Japanese automaker reveals it is venturing into the market with next-gen batteries slated to come out in 2026. It promises to deliver a cruising range of 621 miles and a 10-minute charging time.
Ford CEO Jim Farley said distinctive branding or reduced cost will be necessary to beat Chinese automakers. He admitted that the Chinese are "going to be the powerhouse."