DETROIT ( TheStreet) -- Ford (F - Get Report) is growing dramatically in China, rapidly building its capacity, dealership network and market share and outselling longer-established Japanese automakers.
Ford hopes for a 5% market share in China in the current quarter, double its share at the end of 2011, said Dave Schoch, president of Ford Asia Pacific, in a briefing for reporters on Wednesday. Ford's third-quarter share was an estimated 4.7%, up from 3.2% at the start of 2012. "I'm pleased with the progress we're making," Schoch said. "I'd like to be growing faster."
Ford's blueprint for growth in China and Asia is no secret. "The Asia Pacific plan is modeled after the OneFord plan," he said. "We could not have done all this in the last three or four years without the benefit and strength of the OneFord plan."
Schoch joked that the auto reporters gathered in Detroit and on the phone probably had OneFord pocket cards widely distributed by celebrity CEO Alan Mulally. The card lays out the key tenets Mulally has used to revive Ford, including simplifying the company and its range of vehicles. By mid-decade, five core platforms -- down from nine previously -- will account for 97% of Ford brand volume in the Asia Pacific region, Schoch noted.Ford's Asia expansion includes investing nearly $5 billion in new plants in China, and growing the overall number of Asia Pacific plants from 14 last year to 24 by 2015. Asia capacity will grew from 1.8 million units in 2012 to 2.9 million units in 2015, with more construction possible. "We're looking beyond 2015," Schoch said. "We're in a growth industry." The dealer network is also expanding, expected to double from 400 auto dealers and 200 truck dealers today. Ford already has selected about a dozen Lincoln dealers, as it prepares to sell the brand in China starting late in 2014. Lincolns initially will be exported from North America. Schoch noted that a gray market already exists for Lincolns in China, saying he has seen an unauthorized Lincoln dealership in Shanghai. Additionally, "I can find F-Series trucks," he said, even though Ford doesn't sell them in China.