Despite a report claiming Ford is in talks with Chinese carmaker Xiaomi to build electric vehicles in the US, the company has denied the claims, stating that there is no truth to it. The Financial Times reported that Ford had held discussions with Xiaomi over a potential joint venture to manufacture EVs in the US, but Xiaomi has denied these claims, saying they are completely false.
This comes as Chinese EV makers such as BYD and Xiaomi continue to gain market share in global markets by offering more efficient, advanced, and affordable electric vehicles. Ford is already on track to begin manufacturing lithium iron phosphate batteries at a new plant in Michigan this year, using licensed tech from China's CATL.
The facility will supply batteries for vehicles based on Ford's low-cost Universal EV Platform, beginning with a midsize electric pickup priced around $30,000. Meanwhile, America's Big Three - Ford, GM, and Stellantis - are scaling back major EV initiatives, putting them behind Chinese EV makers.
The Trump Administration's killing off the $7,500 federal EV tax credit has given China an advantage in global markets, and it's showing. As the US dials back on EV policies, BYD, Xiaomi, CATL, and other Chinese leaders are pushing ahead with new battery types, powertrain tech, ultra-fast chargers, smart in-vehicle tech, and more.
Ford's CEO Jim Farley has warned that Chinese EV makers pose an existential threat to Western brands, including himself. The rumors come after a Wall Street Journal report last month claimed that Ford was in talks with BYD to import batteries for its hybrid vehicles for sale outside the US.