Sales at Ford’s main joint venture in China more than halved last year, the US group’s Chinese partner said, as carmakers feel the impact of declining business in the largest car market.
Chongqing Changan Automobile said sales at its venture with Ford fell 54 per cent to 378,000 units last year, the lowest since 2012. Including sales of its self-developed brands, it warned profits had fallen by up to 93 per cent last year.
Overall vehicle sales in China fell 2.8 per cent in 2018 to 28m, their first annual decline since the early 1990s, as tax breaks on small-engine vehicles expired and slowing economic growth weakened consumer confidence.
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