Ford Gains for 4th Day as Explorer Heads to Russia
DETROIT (TheStreet) -- Globalization is hardly a new trend, but Ford
Ford said on Thursday that Ford Sollers, a joint venture partner, has produced its first full-production Ford Explorer in Russia, marking the first time the Explorer has been fully produced outside of the U.S. Meanwhile, China sales enabled the Focus to claim the honor of being the best-selling nameplate in the world, a claim that Toyota
Mounting sales in Russia and in China, where Ford is trying to make up for a late start, could help to compensate for European operations that will lose more than $1.5 billion this year. European losses have prevented Ford and GM
The first Explorer rolled off the assembly line Thursday at the Ford Sollers Elabuga assembly plant in the Republic of Tatarstan. Previously, only "knock-down" versions of Explorer had been built anywhere outside of the United States. Knock-down production means that parts and partially assembled vehicles are imported. The Elabuga plant had been completing work on partially assembled vehicles from Chicago since 2012.
In 2012, Explorer's U.S. sales rose 17% to 158,344, while Explorer exports grew 65% to more than 24,000 vehicles.
"Russia is on its way to being the largest market in Europe and presents an enormous opportunity for growth," said Ted Cannis, CEO of Ford Sollers, in a prepared statement. "Russian customers prefer the image and performance these utility vehicles provide in severe weather and challenging road conditions."
Ford said Monday that its China wholesale sales reached a record81,387 in March, up 65% from the same month a year earlier. First-quarter sales rose 54% to 186,596.
"Ford China's record sales for March and the first quarter demonstrate the tremendous momentum we are building in China as we deliver on our promise to bring 15 exciting new products to the Chinese customers by 2015 ," said John Lawler, Ford China CEO, in a prepared statement. Ford recently began selling Explorer in China, but its China gains were led by Focus, with March sales up 148% to 37,814.