FORD CREDIT WINS INITIAL APPROVAL TO ENTER CHINA
AUTO FINANCE MARKET
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Ford Credit to provide loans to Ford Motor Company dealers and their customers
Plan includes investment of US $60 million/Renminbi (RMB) 500 million
DEARBORN, Mich., August 2, 2004 - Ford Motor Credit Company today announced that the
banking authority in China, the China Banking Regulatory Commission, has approved the
company's initial application to provide auto financing in China.
Ford Credit plans to offer financing to consumers and to the more than 100 Ford dealers
in China. Ford Credit, which will do business as Ford Automotive Finance in China, plans to
invest an initial $60 million, or RMB 500 million, for capital requirements and other needs.
"China is an important market for Ford Motor Company, and Ford Credit's approach is to
build a foundation that will support the Company's commitment to China," said Mike Bannister,
chairman and chief executive officer.
As part of an ongoing $1 billion China expansion plan, Ford Motor recently announced it
will build a new assembly plant in Nanjing, China. At its two existing plants, Ford builds
Mondeo and Fiesta cars and Transit commercial vans. Volvo, Jaguar and Land Rover products
are also sold in China.
"Ford Credit appreciates the confidence that the China Banking Regulatory Commission
officials have shown in us," Bannister said. "We will continue to work with them cooperatively
to achieve final approval to begin operations in 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.
Ford Credit is an indirect wholly owned subsidiary of Ford Motor Company. Now in its
45th year, Ford Credit provides vehicle financing in 36 countries to nearly 11 million customers
and more than 12,500 automotive dealers. More information can be found at
www.fordcredit.com and at Ford Credit's investor center, www.fordcredit.com/investorcenter/.