China doesn't want American cars anymore — that's bad news for Ford and GM
"The market has totally changed," Ford CEO Jim Farley told reporters at a Thursday charity event in Detroit."We're going to have to rethink what the Ford brand means in a place likeThat's especially true as EVs take center stage, Farley said, noting that he has learned the luxury brands that do best in the Chinese market sell only electric vehicles.
"It's pretty much the consensus belief that the US automakers are increasingly irrelevant" in China, Deutsche Bank analyst Edison Yu told Insider."As we make this transition to EV, the GMs, the Fords in China will really have to be very bold and aggressive to find success." But as political tensions increase between China and the US, operating in China is starting to become more of a risk for US companies.
That means that US companies will redouble their EV efforts at home, where they can count on a more reliable and loyal customer base. The one kink in that plan is"Price wars are breaking out everywhere. Who's going to blink for growth?" Farley said at the Thursday event.While American companies lose ground in China, there is a bright spot.
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