By Sam Boughedda
Investing.com -- Ford Motor's (NYSE:F) first-quarter sales in China came in at 125,000, down 18.8% year-over-year, the company reported Thursday.
The Detroit, Michigan-based automotive company said the decline was due to semiconductor supply constraints and the Covid-19 related lockdowns in China.
"A sales decrease of 18.8% year-over-year due to continued semiconductor shortages and resurgent pandemic-related restrictions masks the company's better-than-industry performance in critical growth segments of luxury and commercial vehicles," stated Ford.
It added that its Lincoln model continues to grow in a down market, with year-over-year sales rising 0.8%, while Ford brand commercial vehicles "outperformed the overall commercial segment," selling approximately 51,000 units.
"We are laser-focused on accelerating the delivery of our Ford+ growth plan based on a robust portfolio centered on Chinese customers," said Anning Chen, president and CEO of Ford China.
"This batch of new vehicles launched in the first quarter exemplifies our 'Best of Ford, Best of China' commitment for growth, as early orders indicate our new products deliver on the preferences of Chinese customers," added Chen.
Ford stock gained 1% in Thursday morning trading.