Ford's China ventures extend auto sales recovery in June
Sales jumped 7.7% from a year earlier
Ford Motor's China ventures reported year-on-year sales growth for June as the world's biggest auto market continues to recover from coronavirus-induced lows.
The U.S. automaker's Chongqing-based venture with Changan said on Monday its sales jumped 7.7% from a year earlier. It did not disclose the number of vehicles sold.
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Ford's new SUV models including Escape, Edge and Explorer are selling well and contributed to growth in past months, it said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.98 | -0.15 | -1.35% |
| GM | GENERAL MOTORS CO. | 55.04 | -0.55 | -0.99% |
Jiangling Motors Corp (JMC), in which Ford owns a stake, said in a filing last week that it sold 39,192 vehicles last month, up 67% year on year. JMC sells Ford-branded sport-utility vehicles (SUV) and vans as well as JMC-branded commercial vehicles.
GM'S CHINA SALES DROP 5% IN QUARTER, UNDERPERFORMS INDUSTRY RECOVERY
The ventures also saw sales up in April and May, putting the Dearborn, Michigan-based company on track for its first quarterly growth since the third quarter of 2017. It said the aging model lineup caused the sales slide.
Ford's rival General Motors said its sales in China dropped 5.3% between April and June.
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(Reporting by Yilei Sun and Brenda Goh; Editing by Sam Holmes)