We all know that the legacy manufacturers are struggling with electric vehicles and China has leaped forward in the development of EVs. Ford’s CEO Jim Farley recently said that he drives a Xiaomi SU7 and he loves it. He recently did claim that the Chinese manufacturers are way ahead in terms of technology and that American and European manufacturers are lagging behind quite a bit.
Xiaomi is usually known for its mobile phones but they released their first ever electric car last year and it was an instant hit. Even though it has had its few share of problems, there is currently a waiting of 6 month on the vehicle and they are all sold out for the 2024 model year.
Farley spoke on the “Everything Electric Show” and said that in the west smartphone companies don’t have cars but in China, both the largest manufacturers of in this space have their own cars. China is leaps and bounds ahead when it comes to pricing, software, battery tech and range.
The west has been struggling and recently, all major manufacturers have pulled the plug on electric cars. The sales have been declining and companies are burning a lot of cash because the demand for electric cars has declined quite a bit. This is majorly due to the increasing costs of electric vehicles and not much development in terms of the charging network. Even Tesla, which is one of the most popular electric vehicle brand in the world saw a massive decline in their sales.
American and European brands have also been quite skeptical about the entrance of Chinese EVs into their markets and the European Union recently levied heavy tariffs on imported vehicles and American officials are also trying to follow in the same footsteps to prevent the Chinese from flooding the market with more affordable and better EVs and becoming a threat to local manufacturers.
