For the last decade or longer, Tesla has set the bar for electric vehicles. Even though the brand has been around since the mid-2000s, launching the Lotus-based Roadster in 2008, it wasn’t until the 2010s that the rest of the industry started to pay attention. But according to one CEO, Tesla isn't as competitive these days.
Ford CEO Jim Farley has spoken at great length about his admiration for Chinese EVs. He's even recently been testing the Xiaomi SU7, which he says is the new benchmark. On the Rapid Response podcast, the Blue Oval's boss said:
'If you’re an American and you want us to beat the Chinese in the car business, you’ll want to pay attention, not necessarily to Tesla. Nothing against Tesla. They are doing great, but you know, they really don’t have an updated vehicle.'
Tesla's Troubles
Tesla hasn’t launched a new vehicle since the bungled Cybertruck, and the automaker just thoroughly updated the Model Y, its best-selling vehicle, for the first time since its 2020 launch. There have been rumors that the automaker would launch a cheaper EV, but it has yet to materialize, allowing Chinese automakers to pull further ahead.
The Chinese automotive industry is now setting the expectations for EVs. According to Farley, Ford is targeting BYD, calling the brand "the best in the business for us" in terms of cost, supply chain, and manufacturing expertise. It is the best-selling automaker in China, overtaking Volkswagen.
