Ford and Xiaomi deny EV partnership reports
Business
Ford and Xiaomi have both denied reports that they're teaming up to build electric cars in the US.
The Financial Times suggested talks were happening, but Ford called the story "completely false," and Xiaomi said it doesn't even sell products in the US or have any joint venture plans.
US-China tensions are running high
This rumor popped up as US-China tensions over EVs are running high—some US lawmakers and automakers have raised concerns about Chinese automakers and battery manufacturers entering the US, citing security and competitive worries.
Ford's been struggling with big losses in its EV business, and CEO Jim Farley has warned about tough competition from Chinese brands.
So while partnerships might sound logical, both companies are making it clear: not happening.