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After just five months on the job, Ford Motors China chief resigned Monday. The US car make said Jason Moore left for personal reasons a week after the company posted disappointing results. The news sent Ford stock down 1.4% in New York on Monday and will likely raise questions over the company's ability to recover from the sales dip in the world's largest car market, whereas Reuters Adam Jordan reports the company is falling behind.
>> They were doing 40 last year to lead the China operation at a time when the car maker was already facing some trouble here in the market, they've been struggling to keep pace with some of their rivals, global rivals and from Japan as well as from US as well as local car makers who are increasingly jazzing up their repertoire of car models and vehicles that are here on the market.
They saw sales in the end of last year slump around 6%. That's way down on the sort of overall market, estimating to have grown around 3%.>> Ford lower from auto parts maker Key Safety Systems, where he engineered a surge in revenue from China. Ford hoped he'd turn their own ship around while increasing ties with local partners.
Finding a replacement on short notice is bound to add pressure on the company.>> What seems clear is that Ford have been caught in some ways rather flat footed. They don't have a ready made replacement out to take place and what that really means for now is that they're left without a helmsman here, without someone.
And they are still obviously grasping and looking for that magic pill that is gonna help turns things around for them in this huge and very important market.>> It also comes as Beijing pushes away from combustion engines towards new energy vehicles, electric cars and hybrids. All car makers are struggling to adapt with quotas set to roll out next year, and Ford is no exception.
Last month it said it aims to launch 15 electric models in China by 2025.