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Ford (F) stock was volatile a day after the White House questioned its strategy of using Chinese partners. Ford responded forcefully after the bell, hinting at possible behind-the-scenes drama.
In a letter to Ford CEO Jim Farley on Tuesday, Transportation Secretary Sean Duffy expressed "profound concern" over Ford's strategic decisions regarding "manufacturing integrity, supply chain exposure, and reliance on technologies of foreign adversaries," specifically China.
The main concern for Duffy was Ford's use of Chinese battery-maker CATL tech in its Marshall, Michigan battery factory, Ford's joint factory with Geely in Spain, and Ford's ongoing talks with BYD for hybrid vehicle components, as well as a supposed plan put forth by Farley to facilitate Chinese joint ventures (JVs) in the US.
Ford shares fell in Tuesday's trade, before recovering slightly on Wednesday.