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Ford motors reports 21% sales drop in China
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Ford motors reports 21% sales drop in China

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Image result for Ford motors reports 21% sales drop in ChinaFord Motor Company said on Thursday that its China vehicle sales fell by 21 percent in the first quarter compared to last year’s figure.

Tax cut on small engined vehicles was linked to roll back in its earnings.

Ford trailed many of its competitors in China in the first quarter even though Automakers’ Association reported a 7 percent rise for overall industry sales.

Many in the industry had feared that consumers rushing to buy small engine cars before a tax increase at the end of 2016 would lead to weaker sales in the first few months of 2017.

Ford Chief Executive,Mark Fields, said in Shanghai that 70-75 percent of its cars sold in China qualified for the tax cut which applies to vehicles with engine capacity of 1.6 liters or below.

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