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Archive of posts published in the category: FirstQuarter
Apr
18

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

FILE PHOTO: The Chinese national flag flies on the roof of a Ford car dealership in Beijing, China October 11, 2018. REUTERS/Thomas Peter

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 42.4% in the first quarter.

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

Reporting by Yilei Sun and Brenda Goh; Editing by Toby Chopra, Robert Birsel

Our Standards:The Thomson Reuters Trust Principles.

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Apr
7

Ford First-Quarter Vehicle Sales Off 12.5%

Ford Motor  (F) – Get Report reported a sales decline of 12.5% for the first quarter. 

The company sold 516,330 vehicles in the quarter, led by 263,757 trucks and 189,720 SUVs. Truck sales dropped 5.4% and SUVs declined 11%. 

Sedans, of which Ford has been gradually ceasing production for two years, fell 36% to 62,853 vehicles. 

The coronavirus pandemic hit the company’s sales in March, the company said. 

“Our dealers and employees have jumped into action to support healthcare workers, their communities and millions of our customers,” Vice President of U.S. Marketing, Sales and Service Mark LaNeve said in a statement.

The company “is working around the clock on everything from building health-care equipment, assisting our dealership network and providing our customers peace of mind through deferred vehicle payments.”

.Ford’s F-Series line of trucks began the year as the best-selling vehicle in the U.S. with 186,562 vehicles sold. That figure is down 13% from a year earlier, but Ford said the drop reflects the “timing of our fleet sales and weaker retail sales in March due to coronavirus.”

Meanwhile, the company’s Explorer SUV was the country’s bestselling midsize SUV with sales of 56,310 vehicles. 

At last check Ford shares were trading 1% higher at $4.44.

Fiat Chrysler FCAU on Wednesday reported a 10.4% decline in sales

General Motors  (GM) – Get Report reported a 7% decline in first-quarter sales 

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