Ford to launch luxury brand
By Lu Nengneng |
August 29, 2012, Wednesday
|
Print Edition
Print Edition
BANKING on China's increasing appetite for luxury cars, Ford Motor Co is preparing to launch its premium brand Lincoln in the country as part of its expansion plan to catch up with its foreign rivals.
The upscale line-up with a nearly 100-year history will be sold through an independent dealer network in China from the second half of 2014, the US automaker said in a statement yesterday, adding that the recruitment will begin in the fourth quarter of this year.
The announcement came one day after Ford said it has received regulatory approval to exit from its current three-way tie-up with two automakers to have more control on its venture business in China.
The Dearborn, Michigan-based company only had a 2.5 percent share of China's light-vehicle market last year, lagging far behind US rival General Motors with 10 percent, according to market research firm LMC Automotive.
"We are on track to deliver 15 new Ford-branded vehicles and 20 powertrains by 2015 to Chinese customers. With Lincoln, we will be expanding our product offering to cover China's fast-growing luxury car segment," Dave Schoch, chairman and CEO of Ford Motor China, said in the statement.
But it won't be easy to snatch market share from the German trio of Mercedes-Benz, BMW and Audi, which account for more than 75 percent of China's premium car sales, according to LMC Automotive.
The upscale line-up with a nearly 100-year history will be sold through an independent dealer network in China from the second half of 2014, the US automaker said in a statement yesterday, adding that the recruitment will begin in the fourth quarter of this year.
The announcement came one day after Ford said it has received regulatory approval to exit from its current three-way tie-up with two automakers to have more control on its venture business in China.
The Dearborn, Michigan-based company only had a 2.5 percent share of China's light-vehicle market last year, lagging far behind US rival General Motors with 10 percent, according to market research firm LMC Automotive.
"We are on track to deliver 15 new Ford-branded vehicles and 20 powertrains by 2015 to Chinese customers. With Lincoln, we will be expanding our product offering to cover China's fast-growing luxury car segment," Dave Schoch, chairman and CEO of Ford Motor China, said in the statement.
But it won't be easy to snatch market share from the German trio of Mercedes-Benz, BMW and Audi, which account for more than 75 percent of China's premium car sales, according to LMC Automotive.
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