The CEO of Ford says he's been driving a Xiaomi EV for the past 6 months and doesn't want to give it up

• Ford CEO Jim Farley says he's been driving nan Chinese tech elephantine Xiaomi's EV for nan past six months.
• Farley described Xiaomi arsenic an "industry juggernaut."
• Farley antecedently told a committee personnel that China's car manufacture is an "existential threat."

Ford CEO Jim Farley says he doesn't want to springiness up nan Xiaomi Speed Ultra 7 he's been driving for nan past half year.

"I don't for illustration talking astir nan title truthful overmuch but I thrust nan Xiaomi," Farley said while speaking to nan British presenter Robert Llewellyn connected "The Fully Charged Podcast." The podcast, which Llewellyn hosts, aired connected October 21.

"We flew 1 from Shanghai to Chicago and I've been driving it for six months now and I don't want to springiness it up," Farley continued.

The SU7 is Xiaomi's maiden electrical vehicle. The Chinese tech elephantine produces 3 versions of nan car: SU7, SU7 Pro, and SU7 Max. Farley did not specify which type he was driving.

"It's fantastic. They waste 10,000, 20,000 a month. They're sold retired for six months," Farley said of Xiaomi's occurrence pinch nan SU7 earlier successful nan interview.

"You know, that is an manufacture juggernaut and a user marque that is overmuch stronger than car companies," he added.

Representatives for Farley astatine Ford didn't respond to a petition for remark from Business Insider sent extracurricular regular business hours.

The fame of nan SU7 has travel astatine a costs for Xiaomi. When Xiaomi reported its 2nd 4th net connected August 21, its EV branch posted an adjusted nonaccomplishment of $252 million.

That intends Xiaomi mislaid astir $9,200 for each of nan 27,307 SU7s it shipped that quarter. The SU7 is sold astatine a guidelines value of 215,900 yuan, aliases astir $30,000, and is only disposable successful China.

A spokesperson for Xiaomi told BI's Matthew Loh successful August nan institution is looking to little its accumulation costs by expanding nan standard of its EV arm.

"In addition, Xiaomi's first EV is simply a axenic electrical sedan, and its finance costs is comparatively high, truthful it will return immoderate clip to digest this portion of nan cost," nan spokesperson told Loh.

An 'existential threat'

These aren't nan first comments Farley aliases his chap Ford executives person made astir nan standard aliases advancement of China's EV industry.

After visiting China successful May, Farley told a Ford committee personnel China's car manufacture is an "existential threat," The Wall Street Journal reported successful September.

In early 2023, Farley and his CFO, John Lawler, were successful China erstwhile they tested retired an electrical SUV made by the state-owned automaker Changan Automobile, per nan Journal.

The brace was impressed by nan value of nan Chinese-made EVs, nan Journal reported.

"Jim, this is thing for illustration before," Lawler told Farley, per nan Journal. "These guys are up of us."

Farley's comments travel arsenic Chinese automakers proceed to dominate nan world EV market. According to data compiled by nan exertion patient ABI Research for Business Insider, Chinese automakers accounted for 88% of nan EV marketplace successful Brazil and 70% successful Thailand successful nan first 4th of this year.

Competing pinch rivals for illustration Xiaomi will beryllium captious for Ford arsenic it formulates its attack to nan EV market.

Ford posted a big net miss successful nan 2nd 4th of nan year, sending nan company's banal tumbling. The company's net per stock came successful astatine $0.47, beneath expert estimates of $0.68. Its profitability for nan 4th was weighed down by its EV segment, which saw a $1.14 cardinal loss amid slowing demand. Ford's 3rd 4th net are owed connected October 28.

In August, Lawler told reporters that Ford was changing its EV strategy and will beryllium replacing its planned electrical SUVs pinch hybrid models instead. The move is group to costs Ford astir $2 billion.

Ford shares are down astir 9% twelvemonth to date.