On May 6th, China Net Finance reported that Ford Motor Finance (China) Co., Ltd. (referred to as Ford Motor Finance) released its latest annual report, which showed that Ford Motor Finance achieved a revenue of 919 million yuan in 2023, a year-on-year decrease of 8.40%; The total profit achieved was 296 million yuan, with a net profit of 222 million yuan, a year-on-year decrease of 24.29%.
Regarding the reasons for performance changes, Ford Motor Finance stated that its operating performance is mainly affected by changes in operating income and interest expenses; The changes in operating income are mainly influenced by market interest rate levels, expected returns, business portfolio, and competitive environment.
As of the end of 2023, Ford Motor Finance's total assets were RMB 24.03 billion, a decrease of RMB 5.624 billion from the total assets of RMB 29.654 billion as of 2022. Ford Motor Finance stated that this mainly reflects the impact of slow economic recovery, a decrease in personal loan disbursements in 2023, and a decrease in dealer loan balances due to a decrease in dealer inventory.
According to data, Ford Motor Finance was established on June 6, 2005 in Shanghai and is a non bank financial institution established under Chinese law. It is a wholly-owned subsidiary of Ford Credit (USA). Ford Motor Finance is an automotive finance company licensed to conduct automotive financial services business within the scope approved by regulatory authorities. These business activities include providing personal loans for individual customers to purchase cars and car accessories, providing loans for dealers and car after-sales service providers, and other businesses approved by the Shanghai Regulatory Bureau of the State Administration for Financial Supervision.