Ford executives shocked fans and skeptics by announcing radical changes to its electric vehicle strategy. In a series of moves that would cost the automaker up to $1.9 billion, the Blue Oval dialed back its bigger plans for its electric lineup.

"John, this is an existential threat," the Ford CEO reportedly told fellow board member John Thornton after a visit in May, warning Chinese brands are moving much faster, and with new technology unlike any US brand.

Ford CEO Jim Farley bluntly described Chinese EVs as an "existential threat," underscoring their rapid advancements

China and firsthand experience of their EV advances, Ford CEO Jim Farley now brands the Chinese manufacturers as an "existential threat" to the industry-a wake-up call for the global automotive world.

A trip to China to visit its joint-venture partner was an eye-opening experience for Ford's CEO, who now sees the nation's electric vehicles as a threat.