Despite seeing sales fall in China, Ford Motor Co. continues to fight to be competitive in the fastest-growing car market with new build, launch plans.
Ford CEO Jim Hackett and Ford Chairman Bill Ford announced Tuesday plans to introduce more than 50 new vehicles in China by 2025, including eight all-new SUVs and at least 15 electric vehicles from Ford and Lincoln. In addition, the new Zotye-Ford joint venture is planning to launch a range of affordable all-electric vehicles.
“China is not only the largest car market in the world, it’s also at the heart of electric vehicle and SUV growth and the mobility movement,” Bill Ford said from Shanghai. “The progress we have achieved in China is just the start. We now have a chance to expand our presence in China and deliver even more for customers, our partners and society.”
Ford is planning to locally build five more vehicles in China for Chinese customers starting in 2019, including a Lincoln premium SUV and the company’s first global all-electric small SUV.
“Ford’s new strategy highlights the importance of China in the company’s growth plans,” said Namrita Chow, principal analyst for China at IHS Markit. “So far this year, Ford sales have been falling in China, despite the rise of Lincoln in the country. Its new strategy to significantly ramp up its deliverables to the local consumer base in China comes at a much-needed point for the automaker in China.”
In October, Ford Motor Co. reported total sales in China of 105,809 vehicles, down 5% from a year earlier. Ford also reported selling 938,570 vehicles in China year to date, also a decrease of 5%.
Jason Luo, chairman and CEO, Ford China, said, “From luxury Lincolns, to Ford cars and SUVs, to an all-new electric vehicle brand, we will meet the growing desire and need in China for great new energy vehicles.”
Ford said it plans to grow its China revenue by 50% by 2025 versus 2017 and is focusing its business expansion on three areas: even more smart, connected vehicles, closer connections to Chinese customers, and a streamlined business structure.
