Ford Motor Co. will launch by 2025, 50 new vehicles in the world’s largest car market China, including 15 that are electric powered, said the U.S. based company on Tuesday in Shanghai.
The automaker is looking to jumpstart its sales growth in China and shift towards electric vehicles.
Ford’s sales have become weak in China over the past few months, and the automaker has been scrambling to design hybrid and electric vehicles to comply with the strict quotas imposed by Beijing over the production and sales for the newly dubbed new energy vehicles (NEVs).
The automaker is currently going through a broad review of its operations in China, part of its strategic re-think by just appointed CEO Jim Hackett. The re-think will see the carmaker focus more on an electric commercial fleet of cars and vans.
From now through 2025, Ford will launch up to 50 new vehicles here in China, and of the 50, 15 will be all new electric vehicles, said Ford’s Asia Pacific chief.
The chief of Ford’s Asia Pacific region also said that revenue in China would increase by over 50% during the same 7-year period.
China has been pushing worldwide automakers that sell autos in the country toward hybrid and electric vehicles setting up very strict quotas for the NEVs that will begin starting in 2019, and signaled a shift over the long term away from the traditional internal combustion engines in vehicles.
This huge shift in the largest auto market in the world jolted many of the world’s automakers, sparking several recent joint ventures involving the design, development and making of electric vehicles on the auto market.
Ford released a statement confirming its EV joint venture with Anhui Zotye Automobile an automaker based in China. The two will develop and make electric vehicles for the local market in China.
Bill Ford the Executive Chairman at Ford said that the auto industry has never seen such a change as we have seen the last couple of years. Ford added that everything was being disrupted, by autonomous vehicle development, and trends such as electric vehicles, ride-hailing and ride-sharing.
Ford said that it was clear that China would lead the rest of the world in the development of EVs and therefore Ford is investing large amounts of money both in China as well as globally to bring the era of electrification into fruition.