(Image source: Ford.com)
BY REGINA WANG
ANCHOR JIM FLINK
Ford will spend $600 million on updating its car plant in central China, making it the biggest outside Michigan. Bloomberg reports it wants to increase annual global sales by 50 percent to 8 million vehicles by 2015. Here’s Chairman of Ford China David Schoch.
“Expanding our production capacity in Chongqing is a key part of our aggressive growth plans in China and Asia.’ Ford will introduce 15 new vehicles and 20 new engines and transmissions in China by 2015.”
But gaining a foothold in China is far from easy. Ford is facing fierce competition among both foreign and domestic automakers. Detroit Free Press reports:
“Ford sold almost 520,000 vehicles in 2011, barely one-fifth GM’s 2.5 million sales last year. And GM shows no signs of slowing down.
Ford has another hurdle to overcome: a slowing global economy — even in China. The Wall Street Journal writes...
“After growing 46% in 2009 and 32% in 2010 … China's overall auto market for passenger cars and commercial vehicles grew just 2.5% in 2011.”
To that, the automaker says it’s the long-term growth — not immediate returns — that it seeks in the world’s largest auto market.
(Image source: Ford.com)
BY REGINA WANG
ANCHOR JIM FLINK
Ford will spend $600 million on updating its car plant in central China, making it the biggest outside Michigan. Bloomberg reports it wants to increase annual global sales by 50 percent to 8 million vehicles by 2015. Here’s Chairman of Ford China David Schoch.
“Expanding our production capacity in Chongqing is a key part of our aggressive growth plans in China and Asia.’ Ford will introduce 15 new vehicles and 20 new engines and transmissions in China by 2015.”
But gaining a foothold in China is far from easy. Ford is facing fierce competition among both foreign and domestic automakers. Detroit Free Press reports:
“Ford sold almost 520,000 vehicles in 2011, barely one-fifth GM’s 2.5 million sales last year. And GM shows no signs of slowing down.
Ford has another hurdle to overcome: a slowing global economy — even in China. The Wall Street Journal writes...
“After growing 46% in 2009 and 32% in 2010 … China's overall auto market for passenger cars and commercial vehicles grew just 2.5% in 2011.”
To that, the automaker says it’s the long-term growth — not immediate returns — that it seeks in the world’s largest auto market.
