Ford Motor reported that its credit unit received initial approval from the China Banking Regulatory Commission to provide auto loans, giving the green light to plans to offer financing to buyers and more than 100 mainland Ford dealers. Ford Automotive Finance will invest an initial US$60 million for capital requirements and other needs. Ford, which trails GM and other big automakers in China, recent announced an ongoing US$1 billion China expansion plan that includes building a third assembly plant in Nanjing.
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