Alan Mulally, CEO of Ford, attended the groundbreaking ceremony for what his company plans to be their sixth factory in China.
The plant is Ford’s third in the Chongqing area and the company says it has plans to double output to 1.2 million cars by 2015.
Mulally, in remarks at the groundbreaking ceremony, still believes that “ Asia Pacific is a fantastic growth market” despite a spate of lukewarm economic data out of China.
Sales are expected to grow in the coming years as more rural Chinese buy cars for the first time. Even with 30 million cars on the road, China still has just 28 vehicles for every 1,000 people, far below the U.S. level of 800. Some 80 per cent of purchases are by first-time buyers