NEW YORK -- Ford Motor Credit, part of Ford Motor Co., on Thursday said it received final approval to provide auto financing in China and expects to commence operations at the beginning of the third quarter.
Its Chinese venture, Ford Automotive Finance China, will support the sale of vehicles manufactured in the country as well as imported cars. The financing unit will initially offer loans for Ford brand dealers but plans to expand financing to dealers of other company brands such as Volvo, Land Rover and Jaguar.
Ford Motor Co. and two partners received approval on Wednesday to build an engine plant on China's east coast as part of the U.S. company's $1 billion investment program in the world's third-largest vehicle market.
Ford Motor Credit, an indirect, wholly owned subsidiary of Ford Motor Co., said it has made its own $60 million investment in China.