SHANGHAI/BEIJING (Reuters) – Ford stated on Monday it was working to scale back prices in China because it strives to get better from a protracted gross sales stoop on this planet’s largest auto market.

“Our prices will not be aggressive, and we’re working internally and with our companions to scale back prices in all areas,” a consultant of Ford China informed Reuters in a press release.

“We will solely win via a lean and agile organisation. These actions are essential for us to construct a more healthy and extra sustainable enterprise in China,” the corporate added.

Native Chinese language media reported final week, citing unnamed sources, that the corporate deliberate to chop 1,300 jobs in China.

The corporate didn’t touch upon how it will minimize prices. Reuters was not in a position to independently confirm the reported job cuts.

Ford’s gross sales in China have been sliding since 2016 however its exports from the nation practically doubled in 2022, business information confirmed.

Ford will even restructure its China operations to show one in every of its joint ventures into an export hub for low-cost business electrical and combustion autos, chief government Jim Farley stated in April.