Ford (NYSE: F) plans to increase it production facilities and dealer outlets in China two-fold by 2015. The No. 2 US car firm said it would build a $760 million auto assembly plant in the eastern Chinese city of Hangzhou. Ford has joined the race to gain market share in the People’s Republic where 18 million cars and light truck were sold last year.
But, Ford faces formidable odds. GM (NYSE: GM) and its local joint venture partner SAIC are the market share leaders. Global manufacturing giant VW is not far behind. The rush into China included every major auto firm in the world. The high-end luxury market has attracted BMW, Mercedes, and Audi–each of which believes it can cater to China’s new rich.
The other hurdle in China is that nationwide sales have stalled. First quarter shipments of new cars and light trucks were up only 4.5%. If that level continues, China will rapidly become much less attractive to every manufacturer in the market. Ford may find it has overbuilt.
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.