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- Ford (NYSE:F) sales in Greater China rose 3.7% Y/Y for FY2021.
- Q4 sales jumped 11.9% Q/Q to more than 167K units as inventory improved and demand rose for Ford brand passenger vehicles.
- Ford brand passenger vehicle sales grew 18.1% Q/Q to more than 72,000 units in Q4 and for the year sales exceeded 237,000 units, down 1.4%.
- Lincoln was among fastest-growing luxury brands in China, with 2021 sales surpassing 91,000 units, up 48.3% Y/Y, including more than 25,000 units in the quarter, +13.1% Y/Y.
- “Ford starts 2022 with strong momentum from the execution of our China 2.0 plans centered on a robust portfolio and electrification,” said Anning Chen, president and CEO, Ford China. “The steady rollout of new vehicles – including the locally built Ford Mustang Mach-E, Ford EVOS and Lincoln Zephyr – combined with the launch of Ford’s network of direct-to-customer battery electric vehicle stores positions us well for growth ahead.”
- Shares down 0.7% premarket as RBC Capital Markets analyst Joseph Spak cut the recommendation on Ford Motor to sector perform from outperform. Price target set to $26, implying a 3.9% increase from last price.
- Also read: Tesla sells 70,847 units China-made cars in December.