Ford held talks with China’s Xiaomi over EV – Business News
Ford has held talks with electric-vehicle maker Xiaomi about forming a three way partnership to fabricate EVs within the US, the Financial Times reported on Saturday, citing people acquainted with the matter.
A Ford spokesperson denied the FT report, calling it “completely false” in an X post. A Xiaomi spokesperson additionally dismissed the report.
“Xiaomi does not sell its products and services in the United States and is not negotiating to do so,” mentioned the Xiaomi spokesperson.
A Ford spokesman has denied the Financial Times report that it’s in talks with Chinese vehicle-maker Xiaomi. REUTERS
Some main US automakers and lawmakers are involved about Chinese government-backed automakers and battery producers gaining entry to the US to open manufacturing plants, arguing the industry’s future is at stake.
Earlier this week, the Republican chair of a US House committee despatched a letter to Ford CEO Jim Farley asking about whether or not the automaker plans to type a three way partnership with Chinese automaker BYD, and warning about potential dangers.
“China has already shown in recent months that it will weaponize the auto supply chain. This is a serious vulnerability and it would only get worse if Ford enters into a new partnership with BYD,” Michigan Rep. John Moolenaar mentioned within the letter despatched on Wednesday.
Moolenaar additionally raised considerations in regards to the automaker’s plans to construct a $3 billion information heart making batteries with technology from Chinese company CATL.
A Xiaomi spokesperson has denied the FT report. SOPA Images/LightRocket through Getty Images
North American automakers have scaled back their pricey EV push after struggling to keep tempo with Chinese rivals, dropping out on tax credit and pivoting towards cheaper fashions and hybrids as an alternative.
Ford mentioned in December final 12 months it will take a $19.5 billion writedown and scrap a number of EV fashions.
