Ford Motor Company (NYSE:F) is one of the top car manufacturers in the world. Recently, the company had set a target for itself, which it closed in to achieving this year. The company outsold Hyundai motors in China, to become one of the top three foreign automakers in the world’s largest market. The company recorded a 9.4% increase in sales in the 1Q2015 alone. However, it should come in mind that the sales for Hyundai dropped by 2% for the same period. Currently, the company ranks 4th in the largest number of units sold.
China is one country that has proved as a great haven for manufacturing industries in recent years. The country has a lot to offer in terms of operating costs, facilities and flexible rules for different industries. In addition to this it also creates an ideal market of consumers, with its large population and its strategic location to other Asian countries. This is the reason many automakers are racing to grab hold of the automaker industry. Many of the large scale firms have already started to expand their production capacity. The company’s are not only trying to increase the number of units produced, but also manufacture replacement parts, due to an increased demand for them in the region.
Ford Motor Company (NYSE:F), opened its fourth vehicle assembly plant in China last month. The automaker giant has plans to acquire another factory and upgrade it. Ford has also pledged to introduce 15 new models in the country, with a new Taurus Sedan, being launched in the Shanghai autoshow. Hyundai is not far behind either. It has started work on its 4th production plant, with a 5th one planned for later this year. The two new plants would increase the company’s production capacity to 2.7 million, from the current 1.05 million. Presently, the company needs to overtake Nissan Motor Co. to achieve its much anticipated goal of being one of the top three automakers in the country. The 1st and 2nd positions have been taken by Volkswagon AG and General Motors Co.