Sam Boughedda

Investing.com — Ford Motors (NYSE) first-quarter sales in China came in at 125,000, down 18.8% year-over-year, the company reported Thursday. 

Detroit, Michigan-based automobile company stated that the drop in sales was caused by supply shortages and Covid-19 lockdowns related to China.

Ford said that sales decreased by 18.8% in the past year due to semiconductor shortages and pandemic-related restrictions, but Ford’s performance in key growth segments such as luxury and commercial vehicles is better than any industry. 

The company stated that Lincoln’s model is continuing to grow in a down-market market with annual sales increasing 0.8% year over year, and Ford commercial vehicles outperformed all other segments, selling about 51,000 units.

Anning Chen, President and CEO of Ford China said that “We are laser-focused to accelerate the delivery of Ford+ growth plans based on a strong portfolio centered upon Chinese customers.” 

Chen stated, “This first quarter batch of new cars launched in China exemplifies Ford’s Best of Ford, Best of China” commitment for growth. He added that early orders suggest our new products are meeting the expectations of Chinese customers.

Ford shares gained 1% Thursday morning trading.