Ford Motor(US:F) 第一财经·2026-02-08 05:07Core Viewpoint - Lincoln is facing a significant decline in sales in the Chinese market, with a recall announcement highlighting safety issues and reflecting broader challenges within the luxury automotive sector [3][4]. Sales Performance - In 2025, Lincoln sold only 36,255 vehicles in China, a year-on-year decline of over 30%, averaging just over 3,000 units per month [5][6]. - The sales breakdown for 2025 is as follows: Nautilus (17,457 units), Lincoln Z (12,584 units), Aviator (4,363 units), and Navigator (1,851 units), indicating a heavy reliance on Nautilus and Lincoln Z for total sales [6]. - Lincoln's sales have been in continuous decline for four years, dropping from over 90,000 units in 2021 to 53,000 units in 2024, with year-on-year declines of 13%, 9%, 26%, and 31% respectively [6]. Market Context - The traditional luxury car market is shrinking, with major brands like Mercedes-Benz, BMW, and Audi also experiencing sales declines in China [6]. - Lincoln's sales drop is more pronounced than that of its competitors, attributed to decreased brand appeal, slow transition to electric vehicles, and insufficient product competitiveness [6]. Broader Industry Trends - The partnership between Ford China and Changan Automobile has also seen a significant drop in sales, with wholesale sales halving from 2024 to 2025 [7].