DEARBORN, Mich. -- Ford Motor Co.'s new assembly plant in China will have an initial capacity of 160,000 vehicles a year, the automaker's chief operating officer said on Tuesday.
Ford has teamed up with its Japanese partner Mazda Motor Corp. for a new factory in China and recently signed an investment agreement to buy land in the eastern city of Nanjing.
The new venture is part of Ford's $1 billion expansion plan in China.
"We have been a late starter in China," Jim Padilla told analysts at a conference in Dearborn, Mich. "But we are moving and we are moving fast."
The automaker, whose first Chinese car factory opened only last year, aims to more than triple output in China to 65,000 units this year as it races to catch up with General Motors and other manufacturers in the world's fastest growing major market for new cars and trucks.
Ford commanded less than 1 percent of the Chinese market at the end of 2003, with sales of 17,000 vehicles versus leader Volkswagen AG's one-third share and GM's 19 percent.