Ford’s first-quarter China vehicle sales down 35% as coronavirus hits demand By Reuters

© Reuters. FILE PHOTO: Chinese national flag flies on the roof of a Ford car dealership in Beijing

BEIJING (Reuters) – Ford Motor Co (N:) said on Thursday that its China vehicle sales in the first three months this year fell 34.9% from a year earlier to 88,770 units, as the novel coronavirus epidemic hit demand in the world’s biggest auto market.

The Dearborn, Michigan-based company said, however, all its dealers in China had resumed work and its sales in March had returned to 75% of the same period last year.

In China, Ford makes cars through Jiangling Motors Corp Ltd (JMC) (SZ:), in which it has a stake, and a joint venture with Chongqing Changan Automobile Co Ltd (SZ:).

Ford has been trying to revive sales in China after its business began slumping in late 2017. Sales sank 26% in 2019, after a 37% drop in 2018. In 2017, its China sales fell 6% from a year earlier.

China’s auto sales dropped 8% in 2019 and are expected to fall more than 5% this year. Overall auto sales slumped 42.4% in the first quarter.

Sales of Ford’s larger U.S. rival, General Motors Co (N:), dropped 43.3% in China in the first quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*