JMC(SZ:000550) Zhong Guo Jing Ying Bao·2025-06-24 07:09Core Viewpoint - Joint ventures in the automotive industry are facing challenges, leading to strategic contractions, with recent rumors about the merger of Jiangling Ford and Changan Ford being denied by both parties [1][3]. Group 1: Company Statements - Jiangling Motors stated that it has no plans for asset restructuring or integration, emphasizing its focus on maintaining competitiveness and enhancing operational efficiency with partners [3]. - Ford China reiterated its commitment to building a sustainable sales service network and improving overall profitability through collaboration with joint venture partners and dealers [3][5]. Group 2: Financial Performance - Ford achieved a net profit of approximately $600 million (around 44.09 billion RMB) in the Chinese market in 2024, marking its first profit in China in seven years [1][6]. - Jiangling Ford's sales reached nearly 50,000 units, while Changan Ford's sales rebounded to 247,000 units in 2024 [6]. Group 3: Strategic Changes - Ford has shifted its strategy to focus on profitability over volume, discontinuing low-margin small cars and concentrating on high-margin larger vehicles [5]. - The company has also expanded its growth avenues by developing an export business, with 168,000 units expected to be exported in 2024 [5]. Group 4: Historical Context - Jiangling Motors has been collaborating with Ford since 1995, with Ford holding a 32% stake in Jiangling as of 2024 [4]. - The partnership has evolved over the years, with Jiangling Ford focusing on off-road SUVs and pickup trucks, while Changan Ford specializes in sedans and urban SUVs [4].