Dave Schoch of Ford’s Asia division has confirmed that the automaker intends to increase its market share in China two-fold by 2016, which would amount to a full 6% of the country’s standard consumer auto market. The projection comes on the back of plans to release an extensive catalogue of new vehicles across the Chinese market over the next three years.
Confirming the intent of Ford on Monday, Schoch once again voiced the same projections he made in 2012.
“Yeah, I think we can probably get there,” was Schoch’s brief though comprehensively committal statement on the subject, while speaking with the media prior to the international motor show in Shanghai.
As of the close of last year, Ford had increased its market share to 3% in China – already the world’s biggest auto market and growing by the day.
Ford was one of the latest global brands to join the Chinese market, therefore faced significant competition from more established brands in the region like GM and Volkswagen. However, Ford’s fortunes appear to be on the up as Schoch would go on the state that firm’s market share in China increased to 3.6% for Q1 of this year, representing a significant uptick from last year’s Q1 2.5%.
On the back of various new products including the Mondeo mid-size sedan, the Explorer large SUV, the EcoSport compact SUV and the Kuga, Schoch is expecting what he referred to as “turbocharged” performance this year with significant improvements in sales. Ford is said to be on schedule to launch all of the above vehicles across China before the end of Q3 this year.
Volkswagen remains the market leader in China with an impressive 19.5% share – GM coming in at second-place with around 10%, according to the most recent market reports.
Schoch went on to state how Ford as a whole projects an annual growth in the Chinese economy of 7.5% and is thus planning accordingly – as opposed to the 8% previously projected by analysts. Growth in the region fell from 7.9% in the closing quarter of last year to 7.7% during Q1 2013.
In all, Ford plans to launch a minimum of 15 vehicles new to the Chinese market within the next years alone.