Why Ford CEO Jim Farley loves his Xiaomi EV
Ford CEO Jim Farley has revealed that he has been driving Xiaomi's Speed Ultra 7 (SU7) for the past six months. The shocking revelation came during his appearance on The Fully Charged Podcast, hosted by British presenter Robert Llewellyn. Farley said he is quite happy with the vehicle, adding, "I don't like talking about the competition so much but I drive the Xiaomi."
Farley's experience with SU7
The Xiaomi SU7 is the first electric vehicle from the Chinese tech giant. It comes in three variants: SU7, SU7 Pro, and SU7 Max. However, Farley did not specify which model he has been driving. He shared that his car was transported from Shanghai to Chicago, and expressed his reluctance to part with it after six months of use.
Farley praises Xiaomi's success in EV market
Farley praised Xiaomi's success with the SU7, saying they sell 10,000-20,000 units every month. He admitted that the demand for the vehicle is so high that it's sold out for six months. "You know, that is an industry juggernaut and a consumer brand that is much stronger than car companies," Farley added during his podcast appearance.
Xiaomi's financial challenges and future plans
Despite the SU7's popularity, Xiaomi reported an adjusted loss of $252 million for its EV branch in Q2. This amounts to a loss of roughly $9,200 for every single one of the 27,307 SU7s shipped that quarter. The base price of an SU7 is about $30,000 and it is only available in China at the moment. A Xiaomi spokersperson said they hope to cut production costs by scaling EV operations.
Previous comments on China's EV industry
Farley has previously voiced concerns over China's EV industry growth. After a May trip to China, he called the country's auto industry an "existential threat." Earlier in 2023, Farley and Ford CFO John Lawler were taken aback by the quality of Chinese-made EVs during a test drive of an electric SUV by Changan Automobile. The observations come as Chinese automakers rule the global EV market with huge shares in Brazil and Thailand.
