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Ford plant opens
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Ford’s auto assembly plant in Hangzhou has opened after two years of construction and an investment of US$760 million.
It is the automaker’s fourth base in China. The plant’s annual production capacity is expected to reach 250,000 units, which will make Ford the third biggest foreign carmaker in China after Volkswagen and GM.
To date, 107 of the world’s top 500 companies have invested in Hangzhou including noted Morgan Stanley, GE and Panasonic. Their total investment exceeded US$137 billion. Italian-based Ferrero Rocher invested 5 billion yuan in a chocolate factory in Hangzhou. It is expected to start production in May.
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