Ford’s sales in China continued to plummet last month, CNBC reports, as the world’s largest carmaker is seeing its business deteriorate in the key market.
Monthly revenue dropped 45% in October compared with a year earlier, accelerating from a 43% year-on-year decline posted in September.
The company is being hurt by a widespread slowdown in the Chinese economy which has tightened the purse strings of everyday consumers. China’s auto market is also feeling the effects of a trade war which has imposed tariffs on imports of US cars.
Another major obstacle has been the government’s crackdown on peer-to-peer lending platforms, which were a popular means to fund car purchases in China, an industry consultancy told CNBC.