SHANGHAI— Ford Motor Co. will build its iconic Mustang vehicles in China for the first time, the company said Thursday, as it tries to reconnect with Chinese consumers.
The locally built Mustang Mach-E, Ford’s flagship electric vehicle, which recently went on sale in the U.S., will be available in China later this year and challenge for a share of the Chinese high-end EV market, according to a company statement.
That’s fast becoming a crowded space. Earlier this month, Tesla Inc. started delivering its locally built Model Y—the second vehicle after the Model 3 produced at its Shanghai factory. Also this month, Volkswagen AG said it would soon begin delivering the first EVs produced at two newly built Chinese factories dedicated to electric cars.
Three Chinese premium EV startups, NIO Inc., Li Auto Inc. and XPeng Inc., started gaining traction last year. The companies, all listed in the U.S., together delivered nearly 45,000 vehicles in China in the October-December quarter. NIO recently unveiled a new electric sedan, its fourth production model.
EV sales are expected to grow strongly in China. The government is targeting to sell around 5 million EVs annually by 2025, or a fifth of total vehicle sales. There were 1.11 million electric cars sold in China last year, according to the China Passenger Car Association, accounting for nearly 6% of the country’s car market.
January 28, 2021 at 05:45PM
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