January 13, 2020 | Investopaper
Ford Motor has reported a decline in its vehicle sales in China for a third consecutive year. The sales have declined by 26.1 percent in 2019. China is the second biggest market of Ford motor company where it has hit demand for its mass-market Ford brand and sports utility vehicle. The company has been trying to revive the sales in China as the downfall started in late 2017. The sales in 2017 and 2018 declined by 6 percent and 37 percent respectively.
Ford sold around 5, 67,854 vehicles in 2019 while the number of vehicle deliveries in the fourth quarter was 1, 46,473. The new Ford Escape that it launched in the fourth quarter has received orders much higher than expected till now, said the company.
The US automaker is planning to launch more than 30 new models in China over the next three years. One-third of these new models will be electric vehicles. In an effort to improve its relationship with joint venture partners, the company would localize management teams by hiring more Chinese staff. General Motors, the main rival of Ford in China also reported a decline in its sales by 15 percent in 2019.