Ford’s Q2 sales in China were the worst since the Covid pandemic began

Visitors walk past a Ford Escape Titanium at the Shanghai Auto Show in Shanghai on April 17, 2019.

Greg Baker | AFP | beautiful pictures

ADVICE – Ford Motor join its crosstown rival Synthetic engine in its worst quarterly revenue report in China since the start of the coronavirus pandemic, amid resurgence of Covid cases domestic and ongoing global supply chain issues.

Ford said it sold 120,000 vehicles in the second quarter, down about 22% from a year earlier and its worst sales in China since fewer than 89,000 units it sold in the previous quarter. first quarter of 2020, when Covid restrictions were imposed by the government. The country’s production came to a standstill.

In one released late ThursdayFord said June sales improved exponentially with the easing of restrictions, as overall sales exceeded 50,000 units, up 3 percent year-on-year and 38 percent year over year. with the previous month.

“The rise of the pandemic over the past few months has challenged us to overcome logistical and supply chain obstacles to position Ford for growth in the second half of the year,” said Anning Chen, president and CEO. of Ford China, said in the statement.

But there may still be challenges ahead. Chinese mainland daily number of Covid cases, including those without symptoms, has increased from a handful of cases to about 200 or 300 new cases in the past few days. According to Ting Lu, chief China economist at Nomura, the number of cities with local movement restrictions due to Covid more than doubled in a week to 11 cities on Monday, up from five weeks earlier.

GM above Wednesday report Second-quarter sales in China fell 35.5% to 484,200 vehicles, the lowest sales level since 461,700 vehicles in the first quarter of 2020.

– by CNBC Evelyn Cheng contributed to this report.

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