Ford names new president for China JV amid falling sales

📆 8/22/2019 5:07 PM
📰 Reuters

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Ford Motor Co on Thursday named Steven Armstrong president of the Changan Ford j...

FILE PHOTO: The logo of Ford is seen on a 2020 Ford Explorer car at Ford's Chicago Assembly Plant in Chicago, Illinois, U.S. June 24, 2019. REUTERS/Kamil Krzaczynski

The company’s sales dropped 37% in 2018 in the world’s top auto market, mainly due to a lack of new products. Over the next three years, Ford plans to launch more than 30 new models in China, of which over a third will be electric vehicles.

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Last year, Ford's capacity utilization rates in China assembly plants were below 50%, missing the 70%-75% break-even point, and equilarinc notes that CEO James Hackett was awarded a $17.7 million pay package in 2018. $F execpay corpgov

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