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Ford's (F) 2019 China Sales Plunge 26%, 3rd Year in a Row
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Ford’s (F - Free Report) vehicle sales in China fell for the third consecutive year, by 26.1%, amid lacklustur Chinese economy and the long-standing U.S.-Sino trade tiff. The company expects these challenges to prevail this year as well.
The leading U.S. automaker has a strong presence in China, which happens to be its second biggest market. Ford delivered 146,473 vehicles in the nation in fourth-quarter 2019, reflecting a decline of 14.7% year over year. For full-year 2019, the company sold a total of 567,854 vehicles.
Ever since its business began suffering hiccups in late 2017, Ford has been making moves to revive sales in this region. Sales in China plunged 37% in 2018, following a 6% fall in 2017.
While 2019 was a "challenging" year for the automaker, its market share in the high-to-premium segment stabilized, and sales in the value segment began to decline in the second half of the year.
No Relief in Sight
Uncertainty related to China’s gloomy economic situation has prompted people to tighten their purse strings, in turn, hitting U.S. auto bigwigs like Ford and General Motors (GM - Free Report) . After witnessing double-digit sales decline in China last year, Ford expects to face challenges this year as well amid slowing economy and trade-war tensions.
Nonetheless, Ford is aimed at strengthening its product line-up, with more customer-centric products and customer experiences, in order to counter macro-economic headwinds and improve its profitability.
The automaker plans to launch more than 30 models in China over the next three years, of which more than a third will be electric vehicles. Ford also has plans to produce self-driving cars by 2021
Apart from established carmakers like Toyota, Volkswagen and others, the company has to compete with local players like NIO Inc. (NIO - Free Report) , BYD Company Limited and Xpeng. This apart, Tesla’s (TSLA - Free Report) expansion in China with the Shanghai Gigafactory will further heat up competition.
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Ford's (F) 2019 China Sales Plunge 26%, 3rd Year in a Row
Ford’s (F - Free Report) vehicle sales in China fell for the third consecutive year, by 26.1%, amid lacklustur Chinese economy and the long-standing U.S.-Sino trade tiff. The company expects these challenges to prevail this year as well.
Ford currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ford China Sales Dismal
The leading U.S. automaker has a strong presence in China, which happens to be its second biggest market. Ford delivered 146,473 vehicles in the nation in fourth-quarter 2019, reflecting a decline of 14.7% year over year. For full-year 2019, the company sold a total of 567,854 vehicles.
Ever since its business began suffering hiccups in late 2017, Ford has been making moves to revive sales in this region. Sales in China plunged 37% in 2018, following a 6% fall in 2017.
While 2019 was a "challenging" year for the automaker, its market share in the high-to-premium segment stabilized, and sales in the value segment began to decline in the second half of the year.
No Relief in Sight
Uncertainty related to China’s gloomy economic situation has prompted people to tighten their purse strings, in turn, hitting U.S. auto bigwigs like Ford and General Motors (GM - Free Report) . After witnessing double-digit sales decline in China last year, Ford expects to face challenges this year as well amid slowing economy and trade-war tensions.
Nonetheless, Ford is aimed at strengthening its product line-up, with more customer-centric products and customer experiences, in order to counter macro-economic headwinds and improve its profitability.
The automaker plans to launch more than 30 models in China over the next three years, of which more than a third will be electric vehicles. Ford also has plans to produce self-driving cars by 2021
Apart from established carmakers like Toyota, Volkswagen and others, the company has to compete with local players like NIO Inc. (NIO - Free Report) , BYD Company Limited and Xpeng. This apart, Tesla’s (TSLA - Free Report) expansion in China with the Shanghai Gigafactory will further heat up competition.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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