CHICAGO – US automaker Ford pledged on Wednesday to create a solid foundation for a turnaround in the Chinese market with "right leadership and right products."
"We are now beginning to see the results of our capital shift away from traditional sedans to trucks and SUVs with new utility nameplates globally, including Territory in China," Jim Farley, Ford president for global markets, told an industry conference in Detroit.
Ford plans to introduce more than 10 new Ford and Lincoln products in China this year and more than 30 by 2021, he added. Ford will also focus on improving relationships with local partners, including dealer network.
Since July last year, Ford has taken urgent measures to address underperformance in China after it suffered a sharp decline in overall profits in the second quarter of 2018.
The company has tried to improve cost competitiveness with aggressive fitness actions, localize more products in China, as well as recruit more local talent in key management positions.
Ford's preliminary 2018 results are in line with the full-year outlook that the company lowered in July. The automaker said that it finished 2018 with adjusted earnings per share of 1.30 US dollars, as well as 23.1 billion dollars in cash and liquidity of 34.2 billion dollars. Ford is expected to formally report its full-year earnings results later this month.