UPDATE 1-Ford's Q1 China vehicle sales down 35% as coronavirus hits demand [Reuters]
Ford Motor Company (F)
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Source: Reuters
Ford's first-quarter China vehicle sales down 35% as coronavirus hits demand BEIJING (Reuters) - Ford Motor Co ( F.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) ( 000550.SZ ), in which it has a stake, and a joint venture with Chongqing Changan Automobile Co Ltd ( 000625.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
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