Ford (F) announced today that it will build a $760 million plant in Hangzhou, China, with the ability to produce 250,000 vehicles a year. The announcement comes after the company said a week and a half ago that it will build a plant in Chongqing that can produce 350,000 vehicles.
Ford’s big push into China is arguably a little late — double-digit sales growth of the past decade has tapered off this year, and dealers are using incentives to draw people into showrooms, the New York Times notes. The Chinese market is among the most competitive in the world for automakers.
“Should we have done this five years ago? Sure. But we can’t change that. We can only change the future,” Joe Hinrichs, president of Ford Asia Pacific and Africa, told the Wall Street Journal.
Ford shares fell 1% in midday trading.
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