Ford China car JV sees 2008 sales up 58 percent

By Fang Yan

BEIJING (Reuters) - Ford Motor Co's (F.N: Quote, Profile, Research, Stock Buzz) China car joint venture aims this year to match sales growth of 60 percent seen in 2007 as it launches new models to attract buyers, a senior executive said on Sunday.

"We have set a target to sell 58 percent more vehicles in 2008," Zou Wenchao, executive vice president Changan Ford Mazda, told Reuters on the sidelines of the Beijing Auto Show.

Changan Ford Mazda is a three-way tieup between Ford, its affiliate Mazda Motor Co (7261.T: Quote, Profile, Research, Stock Buzz) and China's Changan Automobile Co (000625.SZ: Quote, Profile, Research, Stock Buzz).

Wholesale volume at the venture was 217,100 units last year, up 60 percent, according to the state parent of the Chinese company.

Ford, the number-two U.S. automaker, is a relative latecomer to the world's second-largest auto market, currently dominated by General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) and Volkswagen AG (VOWG.DE: Quote, Profile, Research, Stock Buzz).

But it is catching up fast as it ramps up capacity.

In September 2007, Ford unveiled a $510 million vehicle manufacturing plant in the eastern city of Nanjing, near Shanghai, along with its China partners, boosting its car production capacity in the country to more than 410,000 units.

In February, Ford and its partners unveiled plans to invest an additional $58 million in their venture, boosting its registered capital to $351.44 million from the previous $293.44 million.