FORD MOTOR CREDIT RECEIVES FINAL APPROVAL TO
ENTER CHINA AUTO FINANCE MARKET
SHANGHAI, China, May 26 - Ford Motor Credit Company received final approval to
commence business operations in China and expects to begin providing auto financing in the
country at the beginning of the third quarter.
"China is a growing market that is an integral part of Ford Motor Company's global strategy,"
said Jack Hu, President of Ford Automotive Finance (China) Limited (FAFC), the name under
which Ford Motor Credit will do business in China. "We intend to help Ford Motor Company
enhance its presence in China by supporting the sale of Ford vehicles."
The approval came at the end of a multi-stage process that lasted more than a year. The final
phase required Ford Motor Credit to hire personnel and set up processes for review by Chinese
"We appreciate the confidence that Chinese authorities have shown in us by approving our
business plans," said John Noone, president of International Operations at Ford Motor Credit.
"We hope to continue to work with the authorities in the future as they develop rules governing
the finance industry."
FAFC will initially concentrate on financing the dealer vehicle inventory needs of the Ford
dealers in China. In the meantime, it plans to pilot consumer installment loans in select markets.
FAFC will support the sale of Ford Motor Company vehicles manufactured in China as well as
those imported into the country. Although initially FAFC will offer vehicle inventory wholesale
loans for Ford brand dealers, it will subsequently expand financing to dealers of other Ford
Motor Company brands including Volvo, Land Rover and Jaguar.
"We have taken a prudent course in China," said Mike Bannister, chairman and chief executive
officer of Ford Motor Credit Company. "We plan to establish a solid foundation on which to
build our long-term operations."
In addition to Ford Motor Company's $1 billion investment, Ford Motor Credit has made a $60
million -- or RMB 500 million -- investment in China. It will invest more as its business needs
Ford Motor Credit Company is one of the world's largest automotive finance companies and has
supported the sale of Ford products since 1959. With more than 16,000 employees, Ford Motor
Credit operates in 37 countries and manages $165 billion in receivables. Ford Motor Credit is
an indirect, wholly owned subsidiary of Ford Motor Company. It provides automotive financing
for Ford, Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Mazda and Volvo dealers and
customers. More information can be found at http://www.fordcredit.com and at Ford Motor
Credit's investor center, http://www.fordcredit.com/investorcenter.