Ford launches an entry-level SUV for the Chinese market to revive its growth
On Wednesday, Ford stated that it would launch an entry-level SUV for China in early 2019. Ford would develop the SUV jointly with a local partner and the company plans to grow its business in the world biggest automobile market.
Ford Motors and Jiangling Motors Corp. would develop the Ford Territory which would be available in three powertrain variants. The company would also introduce a plug-in hybrid model for the Chinese market.
Ford has planned to launch 50 new and redesigned vehicles for China till the year 2025. A redesigned Ford Focus would hit the Chinese showrooms by the end of this year.
Ford would compete with Chinese automobile companies like Great Wall Motor and Geely which are manufacturing SUVs that have a low price and good quality.
The automaker has not officially announced the pricing for the Territory but industry experts suggest that the SUV would be priced around $21,990.27 (150,000 yuan)
The automaker has had a difficult year in China and there has been a 25% drop in sales in the first 6 months of 2018. Ford would take a while for the turnaround and a pre-tax loss of $483 million in the second quarter of 2018 would take some time to recover.
This year was the automakers biggest first-half percentage decline in total sales volume since 2001. Ford expects to see a rise in demand in the next few years with its new models lined up for the Chinese market.
Categories: Automotive News