Ford's Lincoln Nearly Triples China Sales
Charissa Echavez | | Oct 11, 2016 12:35 AM EDT |
(Photo : Getty Images) The Ford logo is seen on a brand new Ford truck at Serramonte Ford on April 27, 2012 in Colma, California.
Sales of Ford Motor's luxury brand Lincoln nearly tripled in China to 8,546 units in the third quarter, the company posted on Monday.
Lincoln sales in China soared to up to 191 percent to nearly 21,000 vehicles in the first three quarters of 2016 in China, Ford said, as noted by Fortune.
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The company is also on pace to have 65 China dealership by the end of this year, up from previous forecast of 60 by Lincoln China President Amy Marentic. It also targets to increase the dealerships to 80 in 2017, Reuters reported. It plans to open between five to 10 smaller sales outlets to cater lower-tier Chinese cities.
Despite the soaring car sales, Ford's Lincoln is still behind its rival Detroit-based General Motors Co and its luxury unit Cadillac brand, which reported 12,500 sold units in September, up 63 percent. Between January to September this year, GM has sold nearly 77,000 Cadillac units in the country, up 35 percent.
Meanwhile, Ford hopes that its new version of its flagship sedan, the Lincoln Continental, will boost its China sales. The new sedan will go on sale at Chinese dealership outlets in the fourth quarter, Yahoo! News reported.
In a related news, Ford Motor Company has closed its factories in Campbellfield and Geelong in Australia after 91 years of service. The decision came after company posted considerable losses worth up to $450 million over five years, People's Daily China said.
Ford is not alone in leaving Australia, as other car manufacturers like Toyota and Holden are set to exit next year. This is the first instance Australia experienced rapid closure of car making companies, and between 40,000 and 200,000 jobs are expected to be lost nationally.
TagsFord, Ford Lincoln, Ford China, Ford Lincoln China, Ford dealership, luxury cars, Lincoln Continental, China Car Market
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