Ford renews China's business and hires former Chery executive as executive director
Ford renews China's business and hires former Chery executive as executive director
Ford Motor Co. has renewed its operations in Asia and has made its China He runs an independent unit, recruiting the head of the local automaker Chery Automobile to be its new CEO.
The company said on Wednesday that industry veteran Chen Anning will replace Jason Luo, who resigned earlier this year, only a few months after taking over control of Ford in China.
The company has been reorganizing after losing momentum as the Chinese market slows down. He said the restructuring was aimed at accelerating his return to profitable growth.
"Success in China is critical as we reposition our global business for long-term success," said Ford President and CEO Jim Hackett. "With today's actions, we are strengthening our commitment to the Chinese market and reorganizing our international markets to strengthen its performance."
By having a separate business in China, the company aims to move more quickly and strengthen local leadership within the company.
Chen, educated in the United States, spent the first 17 years of his 25-year career at Ford.
The company is renewing its line of products in China and has announced plans to increase local production for the Ford and Lincoln models. He has a joint venture with Zotye in small electric vehicles and has established alliances with online giants Baidu and Alibaba.
Car sales in China contracted 12 percent in September from the previous year, the third consecutive month of declines as demand weakens as the economy cools.
The total growth of sales in the first nine months of this year was only 0.6 percent compared to the same period of 2017.
Weakness in demand is a setback for global automakers such as Ford, which are looking for China to boost their revenues and spend a lot to develop models for local tastes.
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