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Ford Motor has appointed a new manager in China as the US automaker attempts to reverse disappointing sales in the world's largest auto market.
The company has been operating without a head of operations in China since January, when Jason Luo resigned after just five months of work, citing "personal reasons that preceded him at Ford."
Anning Chen, the former general manager of Chinese automaker Chery, has been named president and chief executive officer, the company said Wednesday.
Chen will lead Ford's entire import and joint venture business in China as the automaker's operations manager in the country, which will become an autonomous unit. The decision was "designed to accelerate Ford's return to profitable growth in China," Ford said, helping to speed up decision-making.
"Success in China is critical to repositioning our global business for long-term success," said Jim Hackett, Ford's chief executive, in his release. "We are strengthening our commitment to the Chinese market and reorganizing our international markets to strengthen their performance."
Mr. Chen's appointment comes as Ford faces disappointing results in its overseas markets.
Last year, its sales in China dropped by 6% even as total car sales in China rose by 3%. Net profit in the first half of the year was one of the worst strengths of the automaker since it opened in China in 2001, while sales on the Chinese mainland dropped by a quarter compared to the same period last year. 'last year.
In August, Ford unveiled a reduced sport utility vehicle designed for Chinese consumers in an attempt to compete with domestic price builders. It also plans to introduce 15 models of electric vehicles in China by 2025, which will be manufactured as part of a joint venture announced last year with the Chinese private company Anhui Zotye Automobile .
Ford is expected to release its Q3 results on Wednesday, and Hackett is facing tough questions from investors and analysts about the company's $ 11 billion restructuring plan and falling share price. Last week, Morgan Stanley downgraded the company's shares "overweighted" to "retained," citing a lack of transparency regarding restructuring.
The trade war between the United States and China has also clouded Ford's financial outlook. The automaker lowered its earnings forecast for 2018, blaming tariffs and competition in China.
Last month, Ford abandoned its plans to import to the United States models of a new compact Ford Focus car manufactured in China from next year, due to a 25% customs duty imposed by the Trump administration in July.
Follow Emily Feng on Twitter @emilyzfeng
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