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(Bloomberg) — American car-maker Ford Motor Co. and China’s Xiaomi Corp. had been in discussions to form a joint venture to manufacture electric vehicles in the US, the Financial Times reported.
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The talks were preliminary, the paper said, citing people familiar with the matter. It also reported that Ford has discussed collaboration with other Chinese car-makers including BYD Co.
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Ford and Xiaomi denied to the FT that they were in such talks, while BYD declined to comment to the paper.
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The reported partnership talks come amid rising trade tensions between the US and China and rivalry in key sectors such as manufacturing and shipping. While Chinese EV makers are increasingly seeking to diversify overseas due to intensifying domestic competition and overcapacity, expanding into the American market would face mounting geopolitical headwinds.
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Chinese EV makers have been steering clear of the US market due to tariffs and political reasons. But they are expanding rapidly elsewhere in the world. Chinese automakers gained record market share in Europe in December, building nearly one in 10 passenger cars sold in the region.
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Canada also reached an agreement with China last month to lower some trade barriers and rebuild ties, including allowing 49,000 Chinese EVs into its market at a tariff rate of about 6%, removing a 100% surtax. Canada had put the large tariff on Chinese EVs in 2024 to align with US policy.
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President Donald Trump has threatened Canada with 100% tariffs on all its exports to the US if it makes the trade deal with China.
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