This Morning in Metals: Ford’s China sales rise by greatest amount since 2016
This morning in metals news: Ford’s China sales posted their largest year-over-year increase in Q3 since 2016; overall automotive sales in China gained 12.8% year over year; and Liberty Steel Group announced it has made an offer to acquire German firm Thyssenkrupp’s steel business.
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Ford’s China sales rise 25.4%
Ford’s China sales rose 25.4% on a year-over-year basis in the third quarter, the automaker reported.
The year-over-year gain in China marked Ford’s strongest sales gain in the market since 2016.
“Ford is strengthening its sales momentum in China by building on growing consumer preference for our iconic brand and favorable product mix of luxury and near-premium utility vehicles,” said Anning Chen, president and CEO of Ford China. “Our localization strategy to produce in China world-class Ford and Lincoln vehicles, including the newly launched Ford Explorer, Lincoln Corsair and Lincoln Aviator, has further enhanced our competitiveness in delivering the best products and services that Chinese consumers are looking for.”
Auto sales in China up again
Meanwhile, overall automotive sales were up in China for a fifth straight month.
Auto sales in the country rose 12.8% year over year in September, according to the China Association of Automobile Manufacturers.
SUV sales rose 16.0% year over year. Car sales gained 3.0% year over year.
Liberty Steel makes bid to acquire Thyssenkrupp’s steel business
Earlier this year, MetalMiner’s Stuart Burns weighed in on tycoon Sanjeev Gupta’s GFG Alliance and its acquisitions drive.
This week, Liberty Steel Group, a subsidiary of the GFG Alliance, announced it had made an offer to acquire the steel business of German firm Thyssenkrupp.
“LIBERTY Steel is convinced that a combination with thyssenkrupp Steel Europe can be the right answer from an economic, social, and environmental perspective,” Liberty Steel said in a release.
“From an economic perspective, there is potential for a compelling industrial concept given that the businesses are complementary with respect to assets, product lines, customers, and geographic footprint.”
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