DETROIT (WWJ) – Ford Motor Company is hoping to sell 8 million vehicles by mid-decade, up from 5.3 million vehicles last year. Ford President and CEO Alan Mulally told an investors conference, Tuesday, that the Asia-Pacific region, especially China, will have tremendous growth.
Mulally said nearly a third of total sales in 2020 will come from it’s Asia-Pacific Market.
“When you look at the China market itself, up to 28 percent of the total volume in 2020,” said Mulally. “So, it’s a gross market, overall, with tremendous transition.”
Mulally said the company is committed to a “fresh” vehicle lineup.
“Improving the time to market has been a very important part of making great progress,” said Mulally. “We’re going to have the freshest showroom going forward.”
Ford said flexible production allows the company to sell most of the vehicles it builds globally, and it will offer lower-priced versions in emerging markets to attract buyers.
“We think between the global platforms and the scale of that brings, that with scale in align, suppliers around the world, that we can deliver fully competive costs going forward,” said Mulally.
The company said small cars will represent 55 percent of its sales by 2020. Chief Financial Officer Lewis Booth expects the company’s debt will return to investment-grade status in the next year, which would substantially lower its interest expenses.