Ford Wins Initial OK to Offer Loans in China
From Associated Press
Ford Motor Co.’s credit division said it had received initial approval to provide auto financing in China from the China Banking Regulatory Commission, the country’s banking authority.
Ford Motor Credit Co. plans to offer financing to consumers and to the more than 100 Ford dealers in China.
Ford Credit, which will do business as Ford Automotive Finance in China, plans to invest an initial $60 million for capital requirements and other needs.
Ford shares rose 33 cents to $15.05 on the NYSE.
