"The big question mark looming over everything right now is the activity around Iran and the Middle East, what happens with the Strait of Hormuz, and oil prices. You're on the front lines of all that impact in your business."
"In the first quarter, the Chinese market, which is a third of all new vehicles sold on the planet, was down almost 30%. And they're already the largest exporter in the world, far beyond the Japanese and South Koreans."
"Their exports are up 43% this year, and they are already No. 1. So the war is happening, and the electrification in the first quarter is happening. Of course, fuel price is way up."
Ford CEO Jim Farley addresses the significant pressures facing the auto industry due to the crisis in the Strait of Hormuz and rising gas prices. He highlights Ford's global presence and the challenges posed by competition, particularly from Chinese companies. The Chinese market has seen a substantial decline in vehicle sales, yet their exports have surged. Farley emphasizes the need for strategic adjustments in response to these market dynamics and the ongoing shift towards electrification in the automotive sector.
Read at Fast Company
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