CHICAGO, Aug. 8 (Xinhua) -- Ford Motor Company announced on Wednesday to launch an all-new midsize SUV early next year in China, in a bid to enhance the automaker's unsatisfying performance in the lucrative market.

The U.S. automaker has just reported a sharp decline in overall profits in the second quarter this year, and under-performance in China was believed to be one of the main reasons for an almost 50 percent decrease in profits.

In its latest financial results report, Ford said it is now focused on China and will be taking urgent actions, which include improving cost competitiveness with aggressive fitness actions, localizing more products in China, as well as recruiting more local talent to key management positions.

The SUV, Territory, is being developed with Ford's joint-venture partner, Jiangling Motors Corp. It will be the first new vehicle to be launched by Ford in China in years, after the automaker realized that an aging vehicle lineup led to its declining share in China's fast growing market.

Ford's hometown competitor, General Motors, however, has displayed a much better performance in China, which has replaced the United States as GM's largest market.

GM China delivered more than 858,000 vehicles in the second quarter of 2018, surpassing the 758,000 deliveries GM made in the United States.