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Business
Ford to separate China business from APAC business
CKN
2018/10/25 03:53:10
2,060
China's Financial News, China News ,Ford

Oct 25, 2018 (China Knowledge) - Ford, the U.S. second-largest automaker, announced that it is going separate its China business from its Asia-Pacific business in order to boost Ford's performance in China. At the same time, the new Ford China CEO, Anning Chen, will to report directly to James Farley, Ford's global market president. These initiatives highlight the ambition of Ford to revive its performance in the world's largest auto market.

Ford sale has been on the decline in the Chinese market in recent years. According to research firm LMC Automotive, four years ago, Ford was ranked sixth in China's passenger car sales, it’s down to 18th, this year. In the Chinese market, Ford motor sales fell 30% in the first nine months of 2018 YoY.

Jim Hackett, CEO of Ford, has shown great importance to the Chinese market, saying that success in the Chinese market is crucial as Ford promotes global business restructuring for long-term growth.

Ford's performance in the second quarter is not satisfactory. According to the second quarter of China's business data released by Ford, its pre-tax losses amounted to USD 483 million. Earlier the incident of fire at parts suppliers affected the production of the company's hot-selling pickup trucks, as well as declining sales and tariff problems affected the company's business in China.

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