Earlier this week, Ford announced a series of executive moves that included current president and CEO of Ford China Sam Wu, who will be taking on an expanded role that includes leading the automaker’s International Markets Group, with Jeff Marentic now reporting to Wu as head of Ford International Markets Group. It’s a big move for Wu, who just joined the automaker in 2022 and was appointed CEO of Ford China in 2023, but given the tremendous results he has produced in a short period of time, it also makes quite a bit of sense.
In fact, just a few months after Wu assumed the top position at Ford China, that unit returned its first profit in quite some time in Q3 2023, and then proceeded to record six consecutive profitable quarters afterward. Last year, Ford China posted its first full-year profit in the last seven years, and exported roughly 170,000 vehicles to other markets – 60 percent more compared to 2023.
As Ford Authority recently reported, Ford CEO Jim Farley revealed that Ford China earned around $600 million in that market last year amid challenging conditions. Farley noted that this sum includes exported vehicles like the Lincoln Nautilus, which is built in China and exported to other markets, including the U.S. This news was notable given the fact that Ford typically doesn’t report earnings by region, so it gives us a little insight into how Ford China is performing. It’s also notable given how automakers not based in China have historically struggled to gain market share in the world’s largest automotive market.
“Sam has led a significant turnaround of Ford’s China business and his leadership will be an asset as we continue to profitably grow in China and around the world,” Farley said. “Success across our international markets, including ASEAN, South Africa, Australia, and Middle East markets, requires leveraging our China export business as well and competing successfully against the Chinese automakers aggressively scaling in these markets.”
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Hey Sammy boy, sell us that new taurus!