Ford to invest 11.4 billion yuan to expand r&d in China
Ford Motor Co. plans to invest 11.4 billion yuan ($1.8 billion) over the next five years to expand its r&d operations in China, the latest effort by the U.S. company to secure a larger slice of China's market.
The automaker has rapidly gained market share over the past few years mainly at the expense of Japanese rivals. Ford is the fifth-biggest foreign automaker in China, after General Motors, Volkswagen, Hyundai Motor Co. and Nissan Motor Co.
Speaking at a corporate event in Shanghai on Monday, Ford CEO Mark Fields also said the company will introduce the C-Max Energi plug-in hybrid, and the Mondeo conventional hybrid in China next year.
"By 2020 we will offer customers in China a range of hybrid, plug-in hybrid and full electric vehicles," he said.
Beijing has been trying to encourage the use of more electric vehicles to combat pollution, but progress has been slow mainly due to the lack of infrastructure.
Speaking at a corporate event in Shanghai on Monday, Ford CEO Mark Fields also said the company will introduce the C-Max Energi plug-in hybrid, and the Mondeo conventional hybrid in China next year.
"By 2020 we will offer customers in China a range of hybrid, plug-in hybrid and full electric vehicles," he said.
Beijing has been trying to encourage the use of more electric vehicles to combat pollution, but progress has been slow mainly due to the lack of infrastructure.
