Ford names new president for China joint venture to deepen alliance amid falling sales [Reuters]
Ford Motor Company (F)
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Source: Reuters
Ford names new president for China joint venture to deepen alliance amid falling sales - Reuters 3 Min Read (Reuters) - Ford Motor Co ( F.N ) on Thursday named Steven Armstrong president of the Changan Ford joint venture in China to deepen the alliance and push for more models, as the U.S. carmaker tries to stem a decline in sales in the world’s second largest economy. Sales of the joint venture with Chongqing-based Changan Automobile ( 000625.SZ ) continued to decline in July. In the first seven months of this year, the venture’s sales dropped more than 60% compared to the same period a year earlier. Ford’s overall sales dropped 37% in 2018 in the world’s top auto market, mainly due to a lack of new products. Over the next three years, it plans to launch more than 30 new models in China, of which over a third will be electric vehicles. The venture is also planning to revamp some of its existing manufacturing facilities to localise production of Ford’s premium brand Lincoln. This
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