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Updated 9:20 AM EDT, Wed April 3, 2019
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china consumers
Chinese consumers feeling the squeeze
02:33 - Source: CNN Business
China 16 videos
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Updated 9:20 AM EDT, Wed April 3, 2019
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2019-02-13T20:41:11Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2019/02/13/china-consumers-economy-pkg.cnn-business" data-branding-key="" data-video-slug="china consumers economy pkg" data-first-publish-slug="china consumers economy pkg" data-video-tags="business, economy and trade,economic policy,economy and economic indicators,international trade,trade and development,trade regulation and policy,trade wars" data-details="">
china consumers
Chinese consumers feeling the squeeze
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Updated 9:20 AM EDT, Wed April 3, 2019
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BEIJING, CHINA - MAY 12: People line up outside a supermarket to buy food after a rumour of an impending COVID-19 lockdown that was denied by officials was posted to social media on May 12, 2022 in Beijing, China. China is trying to contain a spike in coronavirus cases in the capital Beijing after hundreds of people tested positive for the virus in recent weeks, causing local authorities to initiate mass testing, mandate proof of a negative PCR test within 48 hours to enter many public spaces, to close schools and retail stores, ban gatherings and inside dining in all restaurants, and to lockdown many neighbourhoods in an effort to maintain the country's zero COVID strategy. (Photo by Kevin Frayer/Getty Images)
Chinese officials urge government action to revive Covid-battered economy
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Updated 9:20 AM EDT, Wed April 3, 2019
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Updated 9:20 AM EDT, Wed April 3, 2019
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shipping containers
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Updated 9:20 AM EDT, Wed April 3, 2019
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china zero covid beijing winter olympics marketplace asia hnk _00012317.png
How much longer can China's economy handle 'zero-Covid'?
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Updated 9:20 AM EDT, Wed April 3, 2019
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marketplace asia eyuan still
China showcased the e-CNY at Beijing Winter Olympic Games
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Updated 9:20 AM EDT, Wed April 3, 2019
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Soros on China
"China is facing an economic crisis": Soros on China and Xi Jinping
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Updated 9:20 AM EDT, Wed April 3, 2019
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A man walks past Winter Olympics and Paralympics branding at the Main Press Centre on January 26 in Beijing, China.
Olympic sponsors caught in the middle of diplomatic boycotts ?against China
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Updated 9:20 AM EDT, Wed April 3, 2019
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BEIJING, CHINA - JANUARY 13: A man is given a nucleic acid test for COVID-19 by a health worker at a private testing site on January 13, 2022 in Beijing, China. While China has mostly contained the spread of COVID-19 during the pandemic, and even though cases remain relatively low, recent outbreaks of the virus including the emergence of the highly contagious Omicron variant have prompted the government to lockdown nearly 20 million people in various major cities and to reinforce stricter health measures. Mask mandates, mass testing, immunization boosters, quarantines, some travel restrictions and bans and lockdowns have become the norm as China continues to maintain its zero-COVID policy. China's capital city Beijing, has been put on high alert as it prepares to host the Beijing 2022 Winter Olympics and Paralympics which open next month. (Photo by Kevin Frayer/Getty Images)
Covid and the real estate crisis weigh on China's economy
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Updated 9:20 AM EDT, Wed April 3, 2019
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Pandemic empties one of the world's busiest airports
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Updated 9:20 AM EDT, Wed April 3, 2019
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food delivered by robot Beijing Olympics
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Updated 9:20 AM EDT, Wed April 3, 2019
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Residents queue to undergo nucleic acid tests for the Covid-19 coronavirus in Xi'an in China's northern Shaanxi province on December 29, 2021. - China OUT (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images)
China lockdown is hitting world's biggest chipmakers
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Updated 9:20 AM EDT, Wed April 3, 2019
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Editor of "Stand News" Patrick Lam, second from left, is arrested by police officers in Hong Kong, Wednesday, Dec. 29, 2021. Hong Kong police say they have arrested seveal current and former staff members of the online media company for conspiracy to publish a seditious publication. (AP Photo/Vincent Yu)
Hong Kong independent news outlet closes after police raid and arrests
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Updated 9:20 AM EDT, Wed April 3, 2019
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02 spacex starlink 0311
China slams Elon Musk and US claiming SpaceX satellites endangered Chinese
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Updated 9:20 AM EDT, Wed April 3, 2019
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china livestreamer viya 1
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An aerial view shows the Evergrande Changqing community on September 26, 2021 in Wuhan, Hubei Province, China. In 2015, Evergrande real estate acquired four super large projects in Haikou, Wuhan and Huizhou, with a total construction area of nearly 4 million square meters and a total amount of 13.5 billion yuan. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion. The problems faced by the company could impact China's economy, and the global economy at large.
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Hong Kong CNN Business  — 

Ford is looking to make up lost ground in China.

The American carmaker said Wednesday it planned to launch more than 30 new Ford and Lincoln vehicles in China over the next three yearsas it tries to reverse a decline in sales in the world’s biggest auto market.

About one-third of them will be electric vehicles, Ford (F) said in a statement. Sales of electric cars in China are rising quickly, despite a slowdown in the overall auto market, on the back of government policies to clean up the country’s environment.

The ES8 sport?utility?vehicle on display in Shanghai, China.
The ES8 sport?utility?vehicle on display in Shanghai, China.
Qilai Shen/Bloomberg via Getty Images

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“China is leading the world with smart vehicles, and is a key part of Ford’s global vision for the future,” Ford CEO Jim Hackett said in a statement.

China is Ford’s second biggest market after the United States.

Wednesday’s announcement was part of a broader relaunch of the company’s strategy in China, which includes a greater focus on new technology and adapting its Ford and Lincoln brands tolocal needs.

China’s auto market has slumped

Ford hasendured a torrid time in China, where its sales plunged by nearly 40% in 2018 compared to the previous year.

In October, the company re-jigged its operations in the country in an attempt to capture more market share, including appointing industry veteran Anning Chen to run its localoperations.

01 empty car dealership china FILE
Qilai Shen/Bloomberg via Getty Images

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“Ford is deeply committed to China, and with our new China leadership team and vision, we’re investing in the future,” Hackett added Wednesday.

Like most foreign carmakers, Ford makes most of its China sales through a joint venture with a local company.

Ford is also having to contend with a wider slowdown in the Chinese market, which for years has been a big source of growth for Western automakers.

The Chinese market has gotten a lot tougher over the last year or so, as the wider economy has lost momentum and a trade war with the United States has ramped up. Brands including GM (GM), VW and Jaguar Land Rover have all seen their Chinese sales fall.