SHANGHAI— Ford Motor Co. is betting that a new generation of smart cars will help its rides stand out in China, where its sales have been slipping amid industrywide weakness and rising competition.
The U.S. car marker said on Monday it will invest 11.4 billion yuan, or $1.8 billion, over the next five years to research how to add greater smartphone connectivity, autonomous driving and other smart car features to its Chinese products. With that investment, the next generation of Ford vehicles for China will be designed around customers there, said Ford Chief Executive Mark Fields.
The announcement came at a time that growth of China’s car market has stalled amid a cooling economy and local curbs on car ownership to stem pollution and traffic.
