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Despite the bad news flooding out of Asia specifically China American auto maker Ford Motor Co.
is boosting its business in China.
Announcing plans for -- brand of factory and also ramping up production.
Here it up first on Fox Business interview we are joined by -- CEO and president.
Alan Mulally it is great to see -- and this on a very important Newsday Allen has received.
But the Shanghai index fell about five point 3% overnight -- this is at the very time.
Where you are.
All your efforts of Ford in China tell us why and what you see there and -- a day like today and the changes at the Central Bank is try to make.
Affect your strategy at all.
-- assurance convincing you it again that's an idea as you know I just got back from India and China over the weekend.
And it's just so exciting that economic growth but also the growth in the automobile industry we.
We have project this year -- could be over twenty million vehicles the largest market in the world.
In China alone.
And as you know they love the blue oval.
Accelerating the implementation of all of our vehicles in addition.
We're increasing production -- throughout the region to.
So I know who you're describing the news today -- longer term we see 68%.
GDP growth in China over the long term.
In a tremendous tremendous opportunity.
-- -- mobile sales.
Am glad you brought up -- GDP at Goldman Sachs downgraded it and and still their number looks so much better than the US GDP of 2% so clearly.
You're looking -- down the line which is the way real leadership and instead of seeing five feet in front of -- you -- look fifty miles and that's exports doing but.
-- -- -- the opportunity I look at Ford Motor credit.
Because the wave the Chinese by their vehicles -- the complete opposite of the way people in America do we -- finance 70% of our cars they pay cash for 70%.
You only a little bit of financing our people can -- Ford Motor credit in China.
I think over time we will and especially the credit markets are further developing in China especially the asset -- with the securities.
And of course as you point out Ford credit is a tremendous asset for us.
It is very competitive and even more competitive now as if the parent corporation has moved back to investment grade but you're right most of the sales right now.
Our our cash -- their savings but I think over time to see more more credit we're gonna be there for that one stop shopping with the Ford Motor Co.
OK see that's something that some of the other auto makers the foreigners don't do so that I look at that I say okay that's that's a headline -- it's gonna push and Ford Motor credit.
And -- recently did a story -- about cheap Chinese exports.
They are selling their cars elsewhere I'm talking.
Not just -- but great -- I'm not sure they're ready to export yet but she -- Sherri these are names in China that we might not know.
But we might soon does that concern you at all do you see them as a friend.
Why do we really don't look at that way because indigenous market in China it is so large and it's growing at such.
And of course that we have great partners with Chang on motors a loss of JMC.
So we are covering small medium and large cars utilities and trucks but our number one focus they list is to serve the Chinese customers.
Over time you know could we be exporting out of China.
Very clearly in the near to medium to even to -- longer term there are the majority of our emphasis is going to be serving the Chinese customers.
And supporting their economic development -- -- four cars on the roads in China when you were just there.
Just -- dead end which caught -- -- and there in the Sony deck of sport that you that yes the focus.
They -- course are bringing all of these vehicles and based on our one Ford plan.
Because we have the vehicles now around the world and just like the focus for example -- it was so neat to see.
Because it is the number one vehicle in China now the Ford Focus and also the number one vehicle in the world so it's just very gratifying to see how they really.
Really believe in the Ford brand in the Ford brand promise -- better equality of the fuel efficiency the safety.
-- reporter Adam Shapiro just let the sentence that tell Alan Mulally he just test drove or he rented a couple of Ford Focus loves them absolutely loves them.
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