|Girish Shetti |||Apr 15, 2017 11:39 AM EDT|
(Photo : Getty images) Ford Motor said that its sales in China during the first three months of 2017 declined by 21 percent as compared to same period last year.
Ford Motor faced a serious speed breaker in the Chinese market during the first quarter of the current financial year as the U.S. auto giant has reported a sharp 21 percent decline in sales. The flattening of its sales in China represents a growing challenge for Ford in the world's largest auto market.
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Ford Motor said that its sales in China during the first three months of 2017 declined by 21 percent as compared to same period last year. The auto company sold 90,457 vehicles in March and a total 243,530 vehicles during the first quarter of 2017.
The Chinese government's recent decision to roll back tax on small engine vehicles has proven to be a great undoing for Ford's fortunes. The Detroit-based company apparently benefitted immensely from tax incentives on certain vehicles, but they are unlikely to be renewed by the Chinese government.
Many industry analysts predict a highly gloomy future for Ford in China in the wake of the withdrawal of tax incentives. The Chinese market has been a bright spot for the U.S. no 2 automaker, whose sales in other key markets including U.S. have been badly struggling.
Ford has pinned all its hopes on the world's second largest economy to bring the much-needed stability and elusive profit. It recently announced some big plans for China, indicating of the sheer importance of the Chinese market for the U.S. auto giant.
This year the company declared that it would soon set up a plant in China to locally manufacture its highly successful Lincoln SUV. It also announced a plan to launch the highly successful Ranger pickup truck for Chinese market next year.
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