Ford plans massive Russian expansion

Ford plans massive Russian expansion
The Ford Motor Company has announced that it wants to open seven new plants in Russia, taking local production capacity to over a million cars in 2010. Currently it has a plant near St. Petersburg and produces about 75,000 cars a year.

Henrick Nenzen, the president of Ford Russia, also revealed that one of its financial departments is considering opening a subsidiary bank in Russia.

The car manufacturer's plans were unveiled during a meeting with Ford representatives at the U.S.-Russia Business Council in Washington.

Ford was the first foreign car maker to manufacture vehicles in Russia.