Ford (F) and Xiaomi (XIACY) have denied a Financial Times report that said the companies held preliminary talks over a partnership that could potentially open the U.S. market to Chinese automakers.
Ford (F) explored forming a joint venture with Xiaomi (XIACY) to manufacture electric vehicles in the U.S., four people familiar with the talks told FT. Ford reportedly spoke to other Chinese companies including BYD (BYDDF) about potential collaboration in the U.S.
The Detroit automaker said the report is “completely false” and “there is no truth to it.” Xiaomi (XIACY) also dismissed the report, saying it “does not sell its products and services in the United States and is not negotiating to do so.”
To note, Ford (F) CEO Jim Farley revealed last year that he imported Xiaomi’s (XIACY) SU7 model for his personal use. In 2024, he called it “an industry juggernaut and a consumer brand that is much stronger than car companies.”
John Moolenaar (R-MI), who chairs the House China committee, told FT that Ford (F) would be “turning its back on American and allied partners” if it forged a partnership with Xiaomi (XIACY).
“Joint ventures with Chinese companies frequently end poorly for American companies,” he added.