May 30, 2005
Ford Motor Credit Company receives approval for China
Shanghai, China – The Ford Motor Credit Company has received final approval to commence business operations in China, and expects to start providing auto financing at the beginning of the third quarter.
“China is 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, the name under which Ford Motor Credit will do business in China. “We intend to help Ford Motor Company enhance its presence in China by supporting the sale of Ford vehicles.”
The approval came at the end of a multi-stage process that lasted more than a year. The final phase required Ford Motor Credit to hire personnel and set up processes for review by Chinese regulators.
The company will initially concentrate on financing Ford dealer inventories in China, but plans to pilot consumer loans in select markets. The company will initially support the sale of Ford vehicles manufactured in or imported to China, and will then expand to Volvo, Land Rover and Jaguar.