Wu Shengbo, who had just joined Ford for more than two years, was promoted again.
Ford Motor Company recently announced that Shengbo Wu, currently Vice President of Ford Motor Company and President and CEO of Ford China, will take on additional responsibilities for Ford International Markets Group (IMG) in addition to his existing duties. Jeff Marentic, head of Ford International Markets Group, will report to Shengbo Wu.
It is reported that Ford Motor Company's International Market Group (IMG) business generally includes international markets including ASEAN, South Africa, Australia and the Middle East.
Wu Shengbo
“As we accelerate our Ford+ plan, we continue to build a highly capable, mission-driven management team to achieve our business goals and transform Ford into a higher-growth, higher-profit and more sustainable company in this rapidly changing and competitive marketplace,” said Jim Farley, president and CEO of Ford Motor Company.
Wu Shengbo joined Ford China in October 2022 as General Manager and Chief Operating Officer of Ford China, and was officially promoted to President and CEO of Ford China in March 2023. He immediately launched Ford China's business strategy: focus on core businesses with competitive advantages, give full play to the advantages of Ford's iconic products, and bring better products and experiences to customers; develop localized new energy vehicle models through cooperation with the Chinese industrial chain, and accelerate Ford's electrification transformation in China; expand Ford China's vehicle export business to provide global users with high-quality automotive products.
After the launch of the new strategy, Ford China quickly turned losses into profits in the third quarter of 2023, and achieved profits for six consecutive quarters thereafter, and achieved full-year profits for the first time in seven years in 2024. Ford China exported nearly 170,000 vehicles in 2024, a year-on-year increase of more than 60%. Southeast Asia, the Middle East and South America are the main export markets.
In addition, new new energy products jointly developed by Ford China and its Chinese industry chain partners are expected to be unveiled this year; Ford Motor Company has also increased its investment in digital and intelligent talent and capability building. In the future, experience and products from China will be exported to the world.
Ford China's business strategy and outstanding performance have also been highly recognized by the Ford Motor Company's board of directors. Jim Farley said: "Under Wu Shengbo's leadership, Ford China's business has successfully turned losses into profits in a short period of time, and has responded to fierce market competition by accelerating transformation and exploring more business growth opportunities. His outstanding leadership will become a valuable asset to lead us to continue to achieve profitable growth in China and around the world. To achieve greater success in international markets including ASEAN, South Africa, Australia and the Middle East, we must make full use of Ford China's rapidly growing export business to further enhance the competitiveness of the Ford brand in the international market."