Ford Motor Co.’s sales slump in China prompted its partners to issue alerts this week about sharply lower 2018 profits.
Changan Automobile Co.، Ford’s passenger vehicle joint venture partner، estimates its 2018 net profit tumbled up to 93 percent from a year earlier to 500 million yuan ($74.5 million.)
Last year، sales at Changan Ford، which builds and markets Ford brand sedans and crossovers، fell 50 percent to 417،215.
Jiangling Motors Corp.، Ford’s truck partnership، warned that its net profit will plunge an estimated 87 percent to 91.83 million yuan.
Deliveries at Jiangling، which produces and distributes trucks for Ford and JMC brands، dropped 9.9 percent to 263،582 last year.
In 2018، Ford’s sales in China، including imported Ford-badged models and Lincoln vehicles، slumped 37 percent to 752،243.
To reverse its local sales، Ford disclosed a plan to roll out 50 new or redesigned vehicles in China under the Ford and Lincoln brands by 2025.
Last week، the Ford Territory، a compact crossover designed for China، went on sale. It is the first Ford-badged passenger vehicle produced at Jiangling.
The Territory is the third product the Ford brand has introduced under the new product plan، after the redesigned Focus and Escort sedans in November.
Lincoln plans to introduce one locally produced model in China each year from 2019 to 2021. Production of the first Lincoln model is expected to start at Changan Ford’s Hangzhou plant in the second half of this year