Ford to boost Russia output
ST PETERSBURG, 10 Jul — Ford Motor Co. said on Tuesday it would boost production in Russia to 125,000 cars per year by 2009 from 72,000 as it seeks to satisfy booming demand in Europe’s fastest growing car market.
The US auto maker also said in a news release that it would launch production of its Mondeo saloon at its St Petersburg factory, which already makes the popular Focus model
Ford was an early entrant into Russia, which has offered tax breaks to foreign car makers setting up production operations.
Ford moved early to set up production in Russia, which has offered tax breaks to foreign car makers. Like other new entrants, it has profited from the decline of market leader OAO AvtoVaz , which still makes clunky Soviet-era models.
Auto sales are booming thanks to Russia’s long economic boom and the increasing availability of loan finance.
PricewaterhouseCoopers has forecast that Russia will grow to become Europe’s largest car market by 2011 with sales worth $96 billion.
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