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Ford’s Shrinking China Business Is Hurting Its Global Ambitions
Ford is facing a sales disaster in the China market after lagging in coming up with new models and falling behind in adopting new technology in the hyper competitive Chinese market. Sales dropped from 1.27 million vehicles in 2016 to 752,000 vehicles in 2018. In 2018 sales dropped by 37%, when the Chinese market declined by 3%. In 2019 the car market in China shrank by another 12% in the first half.
The problems stem from poor management. Alan Mulally started the China project, his successor from a Michigan furniture company CEO Jim Hackett was unable to grasp the challenges in China with new technology a key feature of keeping abreast of the Chinese market. A succession of new executives in China from U.S. or EUropean operations compounded the problem each group lacking the touch needed with local Chinese conditions.
Some experts say Ford is now becoming irrelevant in the Chinese market after being a late starter in coming to China and then investing billions in a catch up effort. GM and VW started much earlier. Ford reported loss of $1.5 billion in 2018. From 5% in 2015 its market share dropped to 2.1% in first quarter 2019. Ford was complacent and applied a global strategy in China when local Chinese car companies were moving with lightning speed. Ford was asked to locate in the far interior of the country as a late comer to China and its partner Chang'an Auto was more concerned about keeping car jobs than introducing the latest technology and models. China is obsessed with new technology and there is no way Ford could be allowed to get away with outdated models.
Mark Fields and the succession at Ford Motor Company after Mulally
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Hinrichs previously headed manufacturing and the expansion in China. He is president of the Ford Americas group in 2014.
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Ford’s Shrinking China Business Is Hurting Its Global Ambitions
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Ford's plans in developing markets - India, China and Russia.
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Markets in Asia and other developing countries and in Russia are key to increasing sales for Ford Motor.
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Mulally Hones Ford's China Focus
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Ford's SUVs Propel Its China Gains
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Ruble Pressures Auto Makers to Rethink Russia Business
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Ford Motor's next CEO
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Jim Hackett, Ford’s New C.E.O., Has a History of Turnaround Stories
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Ford Motor strategy- 2010-2015
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Japanese Car Makers Lose Their Midsize Edge
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Ford Plans to Boost Production in China
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Mark Fields, Ford Motor's new CEO in 2014
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Ford's Operating Chief Mark Fields Set to Become CEO This Year
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Ford Says It Will Focus More on Transportation-Services Sector
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Ford Doubles Profits for the Best Quarter in Its History
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Jim Hackett, new CEO at Ford Motor Company in 2017
05/23/2017
With the decline of about 40% in Ford's share price under Mark Fields, Jim Hackett is appointed as the new CEO. He headed the mobility unit at Ford Motor.
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Ford Motor Company's exit from the automobile sedan market in 2018- focusing on SUV's a costly mistake from the previous decade
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Ford Motor's disaster in the Chinese market by 2019- management out of touch with China's love of technology
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Ford management turnover at CEO and head of China operations and executives from Europe/ U.S. transplanted to China lacking touch with local conditions led to the disaster in the Chinese market with $1.5 billion in losses in 2018 and loss of about half of the Chinese market by 2019. Exuberant expansion as a latecomer hurt Ford, Peugeot and Hyundai, as the Chinese market declined in 2018-2019 with the new Trump administration in conflict with China over trade goals.
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Ford: Riding High on China’s SUV Boom
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Ford to Pour $1.8 Billion Into Smartcars for China
Wall Street Journal 10/13/2015
China’s motor industry: The coming crash
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