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Ford Eyes Growing Market
Ford Motor Company, the second largest auto producer in the world, said it has already filed documents with the Chinese Government seeking approval for its joint venture with the Chang'an Automobile Corp based in Southwest China's Chongqing Municipality.
According to today's China Daily, the move has been billed as one of the company's most important investment projects over recent years in a drive to establish itself more in a potentially huge market.
"The programme has been submitted for primary approval by the government although the company is still working with Chang'an on the final details about the joint venture," said Vaughn Koshkarian, vice-president of the company.
"We are very optimistic abut the programme and we look forward to success as soon as possible," said Koshkarian, also the president of the fircm's Asia Pacific region.
His remarks are believed to be in answer to market rumours which suggest General Motors, the largest auto manufacturer in the world and one which has already set up business in Shanghai, is competing with Ford for the Chang'an auto project.
Koshkarian said the company had not yet decided what type of vehicles to introduce into the Chinese market with this latest project, but a family car valued at around 100,000 yuan (US$12,000) is one of the top priorities.
China's family car market is expected to pick up as more and more top auto makers, such as GM and Toyota, invest more in potentially the world's biggest market.
A recent survey revealed that many Chinese families hope to buy a car priced at around 100,000 yuan within five years.
"We will bring the latest technology we have because our objective is to provide the best vehicle here in China," said Koshkarian.
He said the Asian auto market was set to become one of the world's largest markets in the near future, although it is still developing.
China has one vehicle for every 100 people, a small portion compared with the US market, where there are 75 vehicles for every 100 people.
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