Friday, September 7, 2012

Ford Motor (NYSE:F) & General Motors (NYSE:GM) Bounced Back On Record Vehicles Sales in China

Ford Motor Company (NYSE:F)’s vehicle sales in China rose 39 percent in August, its best ever showing in the country.

In 2009, Ford Motor Co had set in motion a strategy to boost its sales in Asia, especially China, where it saw a hug opportunity for its products. China is the world's largest car market after the United States and continues to grow at a scorching pace.

Ford said on Thursday it sold 48,631 vehicles in the country in the month of August, the bulk of the sales being accounted for models such as the Ford Focus, Mondego and the Edge.

Changan Ford Mazda Automobile, the U.S. automaker's Chinese joint venture partner for passenger cars, sold 33,017 cars while its commercial venture partner Jiangling Motors Corp sold 14,991 units.

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The previous day, Ford's compatriot General Motors had said that it sold a record 220,966 vehicles during the month a rise of 7.3 percent from the year-ago month.

General Motors Company(NYSE:GM) ‘s joint venture partners in China notched up sales that were higher by 11.2 percent from last year. For the entire year so far the company has sold 1.84 million vehicles, which it said was a record.

Shares in Ford bounced back 3.61% to $9.91 on Thursday, while those of General Motors were up 3.17 percent at $22.45.

US auto sales have jumped 20 percent in August to their best performance in three years even as higher gas prices drove a shift towards smaller and more fuel efficient vehicles, industry data showed on Tuesday.

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