Ford Motor Credit Company won final approval from Chinese authorities Friday to begin business in China and expects to begin providing auto financing at the beginning of the third quarter this year.
"China has become a growing market that is an integral part of Ford Motor Company's global strategy," said Jack Hu, president of Ford Automotive Finance China Limited (FAFC), the name under which Ford Motor Credit will do business in China.
John Noone, president of International Operations at Ford Motor Credit. "We hope to continue to work with the relevant authorities in the future as they develop rules governing the finance industry."
FAFC will initially focus on financing the dealer vehicle inventory needs of the Ford dealers in China. In the meantime, it will also begin a pilot program for consumer purchases of Ford Motor Company vehicles.
In addition to Ford Motor Company's US$1 billion investment, Ford Motor Credit has made a US$60 million (about 500 million yuan) investment in China. It will invest more as its business needs grow.
Ford Motor Credit Company is one of the world's largest automotive finance firms and has supported the sale of Ford products in the past 46 years since 1959. Ford Motor Credit operates in 37 countries and manages US$165 billion in receivables.
(Xinhua News Agency May 28, 2005)
