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Business· Manufacturing

New ‘Territory’ for Ford to boost falling sales in China

CKN
minutes 2018/10/17 03:51:06
2,134
China's Financial News, China News,  Ford

Oct 17, 2018 (China Knowledge) - U.S. carmaker Ford has unveiled a new China-exclusive sports utility vehicle (SUV) in an attempt to revitalize its car sales in China which has slumped recently.

The car, called the “Territory” is jointly developed with local partner Jiangling Motors Corp (JMC) and will be priced at a lower price-point than most of its other Ford or Lincoln cars currently in the market. The new SUV will target customers in China’s lower-tier cities.

Ford’s vehicle sales in China have fallen by 43% in September compared to last year and has dropped by 30% in the first 9 months of this year against last year’s performance in the same period. The company’s sales contraction comes amid a general slowdown in demand for vehicles in the Chinese market due to trade frictions and a slowing economy.

The new SUV is one of 50 new or re-designed vehicles Ford plans to launch in China starting this year up to 2025 in its designs to further localize the company. Ford hopes to localize the production of nearly 90,000 Ford and Lincoln brand vehicles currently being imported from the U.S.

The new Ford Territory will enter the market early next year. Ford currently also has plans to re-design its Ford Focus and will introduce it later this year.

 

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