The CEO of one of America's biggest car companies has been driving a Chinese vehicle for six months, and he’s loving it.
Jim Farley, the CEO of Ford Motor Company, said Monday on “The Fully Charged Podcast” that for the past six months he’s been driving the Xiaomi Speed Ultra 7, the Chinese company’s first electric vehicle. Although he said he doesn’t like to talk much about the competition, he praised both the car and its manufacturer, Xiaomi.
"We flew one from Shanghai to Chicago, and I've been driving it for six months now,” Farley said. “And I don't want to give it up."
A spokesperson for Ford declined to comment. Xiaomi did not respond to Fortune's request for comment.
I try to drive everything we compete against. Have done it my whole career. Specs can tell part of a story, but you’ve got to get behind the wheel to truly understand and beat the competition.
— Jim Farley (@jimfarley98) October 23, 2024
Beijing-based technology company Xiaomi is well-known in China for its smartphones, smartwatches, and headphones, among other tech products. Yet, in December 2023, the company expanded its reach to the auto industry by announcing the Xiaomi Speed Ultra 7, a luxury EV sedan that retails for about $30,000 (the price of a Nissan Leaf) and is available exclusively in China.
The car comes in three different models, the SU7, SU7 Pro, and SU7 Max, with the MAX reaching more than 500 miles on a single charge. For comparison, the Tesla Model S can run about 400 miles on a single charge.
It’s unclear which version Farley has been driving. But what is clear is that the CEO gave his Chinese competitor major credit for their operations and the clear popularity of the SU7, which officially launched in March.
"It's fantastic. They sell 10,000, 20,000 a month. They're sold out for six months," Farley said. “That is an industry juggernaut and a consumer brand that is much stronger than car companies.”
BREAKING: Jim Farley says he has been driving the Xiaomi SU7 EV in Chicago for six months now, and he doesn't want to give it up!
— Jaan of the EV Universe ⚡ (@TheEVuniverse) October 23, 2024
They flew in one from Shanghai. From the Fully Charged interview:pic.twitter.com/kDG7lLaKYJ
To try to compete with Chinese EV makers, Farley two years ago created a small “Skunk Works” team full of top engineers focused on creating a low-cost EV platform. He also recently pivoted Ford’s EV efforts away from larger vehicles that require more expensive batteries.
In August, the Michigan-based car maker said it was setting aside its plans for a three-row electric SUV. It also delayed the production of its next electric pickup truck. Farley has also said he is open to collaboration with Chinese automakers, especially on batteries, which make up the bulk of the cost of EVs.
The Ford CEO said at a Morgan Stanley event in 2023 that China was the biggest threat to the U.S. car industry.
“I think we see the Chinese as the main competitor, not GM or Toyota,” he said at the event. “The Chinese are going to be the powerhouse.”
