Ford's China Sales Surge 73% as Restructuring Plan Takes Hold

Ford Motor Company (NYSE: F) said today that it sold nearly 154,000 vehicles in China in the first quarter, up 73% from a year ago, as the company continued to rebound from business missteps and the COVID-19 outbreak in early 2020.

Ford's sales in China have now increased year over year for four straight quarters, a sign that the turnaround plan implemented by the company's China chief, Anning Chen, is taking hold.

Chen joined Ford from Chinese automaker Chery Automobile in October of 2018, after several quarters of sales declines. Chen's aim since taking the reins has been to overhaul Ford's products and business to better align with Chinese consumers' expectations. He said that the growth streak is just a beginning.

"We intend to fully build on these four consecutive quarters of sales growth to meet rising Chinese consumer demand with our 'Best of Ford, Best of China' strategy," Chen said in a statement.

Source Fool.com