NEW YORK ( TheStreet) -- If you're a global automaker but you only sell 3% of the cars in the world's largest market -- China -- you have some catching up to do.I'm sure Ford (F - Get Report) Alan Mulally is thinking a lot about this issue these days.
The 15th annual Shanghai Auto Show began Sunday and runs through April 29 at the Shanghai New International Expo. A close friend just returned from Shanghai and said the city and its International Expo are nothing short of spectacular. As the Shanghai Auto Show was ready to commence, Ford's CEO was there to tell the world's press that his company plans to double the number of dealerships in China to around 800 by the year 2015. In addition, Ford will be launching 15 new vehicles in the Chinese market as well as debut the Lincoln brand to one of the world's oldest cultures by 2014. In an interview he told the members of the press, "Clearly this is going to continue to be the highest rate of growth for us, both in revenue and profits over the new few years. The entire team is spending more and more time in Asia-Pacific."
GeneralMotors (GM) reported that at the end of 2012 it had captured close to 15% of the Chinese market. Volkswagen AG had an even bigger share -- more than 18%.