Farley mentioned the area stays key to Ford.
“We believe that not only is it the biggest EV market in the world, but customers digitally are ahead of the rest of the world, and so it’s a really important market for us,” he mentioned. “And what we really see in our presence there is battery tech, digital experiences for the customer and advanced product, both software and hardware integrated.”
Earlier this 12 months Ford shook up its China management group, selling Sam Wu to CEO following the retirement of Anning Chen. Wu beforehand served as managing director and COO.
Chen grew to become CEO in 2018, shortly after the automaker’s gross sales in China started falling. The firm’s gross sales in China totaled 1.19 million as lately as 2017 however have struggled for traction since, with market share coming in at 2.1 % in 2022.
Ford’s largest three way partnership in China, with Changan Automobile Co., captured simply 1 % of Chinese light-vehicle gross sales final 12 months, down from 4 % in 2016, in line with LMC Automotive and the three way partnership’s monetary reviews.
The firm has launched various new fashions there lately, just like the Ford Evos and Lincoln Zephyr, however has been harm by the coronavirus pandemic in addition to elevated competitors from native EV makers.
Ford misplaced $572 million in China final 12 months. The automaker now not breaks out earnings by geographic area and stopped reporting China gross sales this 12 months.
Source: www.autonews.com