Ford Credit to Finance Cars in China
DEARBORN, Mich. -- China's banking authority recently approved Ford Motor Credit Co.'s initial application to provide auto financing in China. The company will provide financing to consumers and over 100 Ford dealers currently operating in China.
DEARBORN, Mich. -- China's banking authority recently approved Ford Motor Credit Co.'s initial application to provide auto financing in China. The company will provide financing to consumers and over 100 Ford dealers currently operating in China.
"Ford Credit appreciates the confidence that the China Banking Regulatory Commission officials have shown in us," said Mike Bannister, Ford Credit's chairman and chief executive officer. "We will continue to work with them cooperatively to achieve final approval to begin operations in China."
Ford Credit will do business as Ford Automotive Finance in China. It plans to invest an initial $60 million for capital requirements and other needs.
"China is an important market for Ford Motor Company," said Bannister. "Ford Credit's approach is to build a foundation that will support the Company's commitment to China."
Ford Credit established a representative office in Beijing in 1996 to work with Chinese government officials and regulators. Ford Credit also has other operations in Asia, including Japan, Taiwan, Australia, New Zealand, Thailand, India, Indonesia and the Philippines.
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