Apr. 20, 2012 (China Knowledge) - Ford Motor Co, the second-largest car company in the U.S., announced yesterday that it plans to invest US$760 million to set up a new assembly plant in Hangzhou
of eastern China's Zhejiang
Province, sources reported.
The plant, which s expected to begin construction later this year, will start operation in 2015, thus increasing Ford's China production capacity by 250,000 units to 1.2 million units.
The new investment came after a US$600-million investment Ford announced just two weeks ago to expand its assembly line capacity in Chongqing
by 350, 000 passenger vehicles.
John Fleming, executive vice president of Ford's Global Manufacturing and Labor Affairs, said that the automaker expected the Chinese market to grow up to 30 to 40 million units by 2020.
In the first three months of this year, the company's China sales fell 13.6% year on year to 121,393 units, China Knowledge reported earlier.