Lincoln to triple volume by 2020
Dearborn — Lincoln Motor Co. President Kumar Galhotra said Monday the luxury brand plans to triple the number of cars it sells by the end of the decade.
Speaking at Ford Motor Co.'s investor day, Galhotra said Lincoln plans to sell 300,000 vehicles by 2020 in the U.S. and China. He said the brand plans to invest $2.5 billion over that period. The news comes as Ford works to turn around its struggling luxury brand by introducing four new vehicles over the next four years.
Ford CEO Mark Fields said the luxury segment will rise to 10.7 million vehicles sold worldwide by 2020 and represent one-third of profits for the industry.
"We have to win here," Fields said. "We're putting the resources, the time, and the leadership behind this commitment."
In 2013, Ford sold 81,694 Lincolns, down 64 percent from the brand's annual peak more than three decades ago.
Sales have started to rebound, though. Lincoln is in the midst of introducing new vehicles. Sales through August totaled 60,531, up 13.4 percent from the same time period last year.
Sales for Lincoln's new MKZ sedan are up 17.7 percent through the first eight months of the year, and Lincoln sold 4,655 of its newly introduced MKC compact crossovers through August.
Lincoln will launch a MKX mid-size crossover next year, with a yet-to-be-named sedan in 2016.
Additionally, Lincoln will unveil two new offerings by the end of the decade, Galhotra said.
In his first major appointment as CEO, Fields in July named Galhotra president of Lincoln to underscore the automaker's commitment to the brand. Jim Farley, who headed Lincoln since 2012, now focuses solely on his role as executive vice president of marketing, sales and service.
The brand recently tapped actor Matthew McConaughey to pitch its MKC crossover in a series of television and digital ads.