Ford Motor Co's miseries continue as it fights to stay afloat in its second-largest source of income outside of US soil -- with vehicle sales in China dropping for the third straight year by 26 percent.
The US auto company rolled out 146,473 vehicles in mainland China in the fourth quarter, falling 14.7 percent year-on-year, Ford disclosed in a statement. The company sold 567,854 units in total, last year.
Anning Chen, Ford Greater China's president and chief executive, said while 2019 was a "challenging" year for the automaker, it saw its market share in the high-to-premium segment stabilize and its sales decline in the value segment begin to narrow in the second half of the year.
Ford has tried to revive sales in China after its slumping business started in late 2017. In 2018, sales sank by 37 percent, following a 6 percent decline in 2017.
According to Chen, the external environment burden and downward trend are expected to continue this year, and they will exert more effort to strengthen their product lineup with more customer-centered products and customer experience to mitigate external pressure and improve the profitability of dealers.
New models that Ford rolled out in the fourth quarter include a new version of Ford Escape-for which the automaker said orders received so far were far higher than expected - and the Lincoln Corsair, China's first localized Lincoln brand.
In the next three years, the automaker plans to launch more than 30 new models across China, of which more than 75 percent will be electric vehicles.
The company also said that by recruiting more Chinese employees, it would monitor management teams and aim to improve ties with joint venture partners.
Ford produces vehicles in China through a joint venture with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC). It also said that it would partner with Zotye Automobile Co Ltd in selling lower priced cars.
China's auto market is seen to contract by 2 percent this year based on forecast by the Chinese Automobile Manufacturers Association as a result of a weaker economy and trade dispute with the US.
Last week its larger U.S. competitor General Motors Co said its China sales fell 15 percent from a year earlier to 3.09 million vehicles in 2019, its second year of decline.
More than 28 million vehicles were sold in 2018, down 3 percent from the previous year, while sales in 2019 are likely to be down 8 percent from the previous year, CAAM said.
