Ford Motor Company (F)

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Ford's China Sales Rise for Second Straight Quarter
By: TheStreet | October 16, 2020

• Ford's third-quarter China sales rose 25.4% from a year earlier to 164,352 vehicles.

Automaker Ford's (F) third-quarter sales in China rose 25.4% from a year earlier to 164,352 vehicles, driven by new-product launches and a localization strategy.

This is Ford's second straight quarterly rise in one of the largest auto markets in the world. Third-quarter sales rose 3.6% from the second quarter. Ford sold 158,589 units in China in Q2.

The Dearborn, Mich., company operates in China through joint ventures with Chongqing Changan Automobile and Jiangling Motors Corp.

Amid trade tension between Washington and Beijing, Ford in the third quarter sold 87,131 units in Greater China, a 12.5% increase from a year earlier. The rise was driven by Ford-branded SUVs as well as commercial vehicles.

Ford's Lincoln luxury brand reported 64.8% growth in sales over the year-earlier period, to 19,143 units.

“Ford is strengthening its sales momentum in China by building on growing consumer preference and favorable product mix of luxury and near-premium utility vehicles,” said Anning Chen, president and chief executive, of Ford China., in a statement.

Ford sold 58,000 light trucks, commercial vans and pickups under its joint venture with Jiangling Motors.

"Our localization strategy to produce in China world-class Ford and Lincoln vehicles, including the newly launched Ford Explorer, Lincoln Corsair and Lincoln Aviator, has further enhanced our competitiveness in delivering the best products and services that Chinese consumers are looking for," Chen said.

Ford's new Mustang Mach-E will be locally available for sale in China next year. The company said it would continue to expand its product portfolio in this market.

Shares of Ford at last check were up 0.7% to $7.67.

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