The China Banking Regulatory Commission has approved Ford Motor Credit Company’s initial application to provide auto financing in China.

Ford Credit plans to offer financing to consumers and to more than 100 dealers in China. The firm, which will be known as Ford Automotive Finance in China, plans to invest an initial $US60 million, or RMB 500 million, for capital requirements and other needs.

As part of an ongoing $1 billion China expansion plan, Ford Motor recently announced it will build a new assembly plant in Nanjing, China. At its two existing plants, Ford builds Mondeo and Fiesta cars and Transit commercial vans. Volvo, Jaguar and Land Rover products are also sold in China.

Ford Credit established a representative office in Beijing in 1996 to work with Chinese government officials and regulators.

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