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FORD MOTOR COMPANY (F)
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Ford Motor Company : Ford China Sales Up 56%, Sets Record for Third Consecutive Month

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12/06/2012 | 05:12pm CET
  • Ford China November wholesales reach 67,505 vehicles, up 56%; year-to-date sales up 18
  • CAF passenger car wholesales reach 50,423 in November, up 71%
  • JMC November commercial vehicle wholesales reach 15,903 vehicles, up 16%

SHANGHAI, China, December 6, 2012 - Ford China broke sales records for a third consecutive month in November. Led by strong sales of the Ford Focus-the best-selling passenger car in China from August through October-Ford sold 67,505 wholesale vehicles last month, a 56 percent increase compared to November 2011. With a record November, Ford China's year-to-date sales are now up 18 percent.

"We're grateful that so many Chinese consumers appreciate the value, performance and technology of the Focus, making it the best-selling passenger car in the world's largest auto market," said John Lawler, chairman and CEO of Ford Motor China. "Our plan to introduce 15 new vehicles by 2015 is on track, and with the launch of the Ford Kuga and EcoSport SUVs, we're going to make more inroads into China's fastest-growing segment as we work to double our production and retail capacity by 2015."

Ford passenger car sales-which include the imported Ford Edge-continue to grow, up 74 percent in November with 51,602 wholesale cars sold.

Focus sales continue to break records, with 38,362 wholesale units sold in November and 259,492 wholesale units sold year to date. The Ford Edge and Mondeo are both likewise performing well. Edge sales are up 111 percent year to date while Mondeo is up eight percent for the year.

With strong sales across its portfolio, Ford's passenger car joint venture in China, Changan Ford Automobile Ltd. (CAF) also had a record month. CAF sold 50,423 wholesale cars in November, up 71 percent compared to November 2011 and up 27 percent for the year.

Jiangling Motors Corporation (JMC), Ford's commercial vehicle investment in China likewise turned in strong sales, growing 16 percent in November, with 15,903 wholesale vehicles sold in November compared to 13,721 sold the same time last year. JMC is up two percent for the year.

Last week Ford jointly announced with Changan Automobile Co., Ltd. (Changan) and Mazda Motor Corporation (Mazda) that they have obtained final approval from the Chinese government on the restructuring plan for their joint-venture in China, Changan Ford Mazda Automobile Co., Ltd. (CFMA). Effective November 30, 2012, CFMA was restructured into two separate joint ventures: Changan Ford Automobile, a 50:50 JV between Changan and Ford; and Changan Mazda Automobile, a 50:50 JV between Changan and Mazda. 

# # #

Editor's note: All sales figures quoted are based on wholesale numbers.

About Ford Motor Company

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 172,000 employees and 65 plants worldwide, the company's automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company.

Ford's wholly owned subsidiaries, joint ventures and investment in China include Ford Motor (China) Limited, Ford Motor Research & Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd., Changan Ford Automobile Co., Ltd., Changan Ford Mazda Engine Co., Ltd. and Jiangling Motors Co., Ltd.

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Financials ($)
Sales 2017 143 B
EBIT 2017 5 151 M
Net income 2017 6 973 M
Finance 2017 10 591 M
Yield 2017 5,68%
P/E ratio 2017 6,92
P/E ratio 2018 7,55
EV / Sales 2017 0,26x
EV / Sales 2018 0,25x
Capitalization 47 946 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 12,7 $
Spread / Average Target 5,0%
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Managers
NameTitle
James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Robert L. Shanks Chief Financial Officer & Executive Vice President
Jeff Lemmer Vice President & COO-Information Technology
Ken Washington Chief Technology Officer
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