DEARBORN, MICH. -- Ford Motor Co.'s credit arm has won preliminary approval to set up shop in China, offering loans to Chinese car buyers, the auto maker said yesterday.
The company said the China Banking Regulatory Commission has approved its initial application to provide auto financing to consumers and about 100 Ford dealers across China.
Ford Credit will make an initial investment of $60-million (U.S.) to establish its presence in the booming Asian market, where most buyers pay cash for new vehicles.
Sales of new vehicles in China soared 34 per cent last year to 4.4 million units.
