The CEO of Ford recently told reporters that the company has to rethink its brand and strategy for the Chinese automobile market. The statement arrives amid the booming electric vehicle market in the region. So here are all the details.
Ford seeks to be more competitive in China
According to Chief Executive Jim Farley, “We’re going to have to rethink what the Ford brand means in a place like China.” The senior executive made this statement highlighting the competitive market for EVs in China. He believes that Ford Motor Co needs to rethink its brand for the world’s largest automobile market. The official told reporters during a charity event in Detroit that “It can’t be like middle of the market. It’s totally over filled.”
Unfortunately, he did not elaborate on what exactly this means for the popular American car maker. But based on market reports, Ford saw a decline in sales in China during the first quarter of this year. It sales and market share also fell during this period. On the other hand, automakers that sold battery powered electric and plug in hybrid cars saw a boom in sales in Q1 2023.
Furthermore, the market was also led by the Chinese automobile giant, BYD. Ford CEO also added that his visit to China revealed that the only premium brands that were faring well in the Chinese market were focusing on electric only vehicles. These models focused on technology and aspects that improved the drivers overall experience. This wasn’t just in terms of their digital technology but even included their “beautiful” design for every vehicle. He even talked about specific brands that were succeeding in the market, including Xpeng, Li Auto, and NIO.
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