Ford will manufacture its 2.0-liter EcoBoost turbocharged engine in Chongqing, China, beginning next year.
Ford made the announcement today, August 27th, at an event held in Chongqing to celebrate the groundbreaking of the automaker’s third plant. The ceremony was attended by Chief Executive Alan Mulally. The 2.0-liter EcoBoost turbocharged engine is currently manufactured at another plant in the same complex.
“Asia Pacific is such a fantastic growth market, and China specifically – even though we’ve slowed down a little bit, it’s still in the 10 percent range, which is a terrific growth rate,” Mulally told reporters after the event.
From 2006 until now Ford has invested $4.9 billion to build plants, open new dealerships and launch new models in China. The automaker relies on the Chinese market to meet its goal of selling 8 million cars globally by 2015, an increase of 5.3 million from 2010. Ford didn’t focus too much on its entrance in the Chinese market. In 2011 the automaker had 2.5% market share in the country, while Volkswagen had 18% and GM 10%.
Ford invested $600 million to build the third plant in Chongqing, which will begin production in 2014. The automaker also plans to build another facility, this time in Hangzhou, worth $760 million, which will be opened in 2015.