Ford CEO Says Tesla No Longer Sets EV Standard; Chinese Automakers Now the Benchmark

Ford CEO Jim Farley stated that Tesla is no longer the benchmark in the electric vehicle (EV) industry. He noted that since launching the Model Y in 2020, Tesla has only carried out its first comprehensive update to the model, and the recent launch of its latest vehicle, the Cybertruck, has encountered significant issues. Although there have been long-standing market rumors about Tesla introducing a more affordable EV, such a model has yet to materialize. Farley recently test-drove the Xiaomi SU7 and remarked that Chinese EV makers are setting new industry standards. He said Ford currently benchmarks itself against BYD, which he described as “the best in the business” in terms of cost control, supply chain management, and manufacturing capabilities. BYD is now China’s top-selling automaker, having surpassed Volkswagen. Although some Chinese brands have not yet entered the U.S. market, Farley emphasized that given the global nature of automotive competition, Ford must aim to compete with the world’s leading players to remain competitive.