South Africa's stable financial system, export-friendly regulations and the likelihood of its participation in a continent-wide free trade agreement are driving Ford Motor to ramp up production there with an eye toward expanding growth in the rest of Africa.
Jeffery Nemeth, president and CEO of Ford Motor Co. of South Africa since the start of 2010, says China is the world's economic powerhouse today and India is probably next in line. But Africa is rich in commodities, including oil, and holds 60% of the world's uncultivated arable land, Nemeth says. “In the future, Africa is the next logical global growth engine.”
With that in mind, Ford has invested $500 million to upgrade its production facility in Pretoria. Starting in September, it plans to produce 100,000 Ranger pickup trucks annually, replacing the 25,000 Focus compact cars and Bantam pickup trucks it manufactures there today.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
