In an attempt to reverse its slumping sales in world’s top auto market, China, Ford announced that it has more than 30 vehicles in the pipeline coming out in the next three years for the regional market.
Following an announcement on Wednesday, the company said that one-third of the models that will be launched will be electric vehicles. The company had earlier stated that it would launch 50 new or significantly redesigned vehicles in China starting in 2018 and through 2025. Hence, the latest announcement provides more clarity on the timeline.
The company plans on introducing 30 models including new and upgraded ones in China.
Chief Operating Officer of Ford China said that the automaker is currently aiming to improve its relationships with Chinese joint-venture partners and localise its management teams by hiring and promoting more Chinese nationals global talent with Chinese expertise.
The new plans are intended to “enable us to gain the momentum to break through” in the marketplace, Chen told Reuters. The company has been struggling to improve its sales in China after it suffered a 37 per cent slump in 2018, post a six per cent decline in 2017.
The company reasoned the poor performance stating that the crisis mainly stemmed from a lack of new products. Industry experts also describe the company’s China trouble to the Sino-U.S. trade war and its rocky relationship with domestic partners Changan Automobile Group and Jiangling Motors Group.
The company withdrew its operations from Russia due to poor performance.
The company has also been taking steps to zero in on the least yielding markets around the world. In March, it announced its exit from Russia resulting in charges of about $450 million to $500 million.
According to an official announcement, Ford’s withdrawal will see Russia’s Sollers assume control of the venture, which at the moment is led by the US automaker. Citing industry sources, Reuters reported that Ford was in talks to close its Russian plants as it aims to review operations in unprofitable regions.