Late to the Chinese party, Ford Motor Co. is playing a fast-paced game of catch-up. The Detroit maker’s latest move comes with the opening of a new, $760 million assembly plant in Hangzhou, about 100 miles southwest of Shanghai.
The new facility will bring to 1.2 million Ford’s rated annual capacity in China, and could position the company as the market’s fourth-largest manufacturer. But the Hangzhou plant opens just as the Chinese car market begins to cool, along with the rest of the economy, for the first time in more than a decade.
Nonetheless, Ford CEO Mark Fields, who was on hand for the Tuesday plant dedication, was optimistic, declaring, “This world-class facility will help us accelerate the delivery of high-quality, innovative products to our customers in China.”