Ford CEO’s Surprise: Why He’s Sticking with Xiaomi's EV

You might know Ford as a classic American car company. However, the CEO of Ford, Jim Farley, has a surprise for us. He's been driving Xiaomi’s electric vehicle (EV) for the past six months and he loves it! Farley, who usually avoids talking about the competition, couldn’t help but share his enthusiasm. Xiaomi's EV, known as the SU7, is making waves in China, selling like hotcakes. In fact, it’s so popular that Xiaomi has already pre-sold cars for the next half year. This Chinese tech company seems to be giving traditional car manufacturers a run for their money. Ford ended up flying one of these EVs all the way from Shanghai to Chicago just so Farley could test it. And guess what? He doesn't want to give it back. But Xiaomi’s success comes at a cost. The company lost about $9, 200 on each EV sold in the last quarter. Ouch! Ford is feeling the heat with its own EV production losses, and now it’s changing its strategy from EVs to hybrids. What does this mean for the future of electric cars and Ford’s competition with China’s EV industry?