Ford Will Build a $760 Million Factory in Hangzhou, China

Ford will build a $760 million factory in Hangzhou, China, that will initially be able to build 250,000 cars a year bringing its production capacity in China to 1.2 million cars a year when the factory is finished 2015. Construction of the new plant will begin later in 2013 and is scheduled to be completed in 2015.

Ford has been making major investments in China in the last few months. In addition to this investment, Ford opened a second factory in Chonqing six weeks ago and invested $600 million to expand its first Chonqing factory two weeks ago. 

“This expansion will help us realize an increase in global sales by about 50 percent from 2010 to about 8 million vehicles annually by mid-decade. Building this plant helps lay the foundation for that growth and reconfirms our commitment to China, which is expected to have sales of about 30 million vehicles by 2020," said Joe Hinrichs, president of Ford Asia Pacific and Africa.

The plan from Ford is to bring 15 new cars and 20 new powertrains to China by 2015 thanks to all of this new capacity, and it plans to reveal four new cars at the Auto Salon China in Beijing on April 23.