In this news, we discuss the Ford’s Chinese ventures October sales jump as SUVs, vans lead demand recovery.
SHANGHAI (Reuters) – Chinese companies of Ford Motor Co reported higher vehicle sales in October from a year earlier, as strong demand for sport utility vehicles (SUVs) and vans continued to support its recovery in the market. largest automotive market in the world.
The Chongqing, Dearborn, Mich., Based company with Changan 000625.SZ said Thursday it sold 26,305 vehicles last month, a 43% year-over-year jump.
Jiangling Motors Corp (JMC) 000550.SZ, in which Ford has a stake, said in a filing earlier this week that it sold 34,008 vehicles last month, up 26% year-on-year. Global auto sales are expected to grow 11.4% year on year in October.
Changan-Ford sells SUV models including Escape, Edge and Explorer. JMC sells Ford-branded SUVs and vans as well as JMC-branded utility vehicles.
After two quarters of growth, Ford’s Chinese director Anning Chen said the company now hopes sales will continue to grow in the remaining months of this year. He declined, however, to offer detailed sales forecasts for the fourth quarter or the full year.
Chen, on the sidelines of the China International Import Expo, an annual import fair in Shanghai, told Reuters the company plans to bring more SUV models and vehicles to China, with smart functions to connect to surrounding infrastructure. as part of the three year product plan that it announced last year.
Chen said Ford is researching the feasibility of making a Ford-branded pickup truck in the country, but has yet to make a clear plan.
Reporting by Yilei Sun and Brenda Goh; Editing by Rashmi Aich
Original © Thomson Reuters