Ford Motor Co. said it can capture 6 percent of the Chinese automotive market by 2015, David Schoch, president of the company’s Asia Pacific region, told reporters in Shanghai.
“I think we can get to that,” Schoch said. “This can be a turbocharged year for us to really kick us into high gear.”
Ford, the second-largest U.S. automaker, is spending $4.9 billion to expand its lineup and double production capacity in China, the world’s largest automotive market. The company, based in Dearborn, Michigan, is trying to catch up in China, after getting a later start there than Volkswagen AG and General Motors Co.
Schoch said Ford expects auto sales to expand to 30 million to 32 million annually by 2020. Ford projects there will be more than 1 billion people in China by that year who will be able to afford a car.
Ford fell 4.3 percent to $12.95, the biggest one-day drop since Jan. 29. The shares are unchanged so far this year