Ford Motor Company expects sourcing for parts and components from China to reach $1bn by the middle of next year and it can rise to more than $10bn by mid-decade, as part of its overall drive to cut costs.
The Ford Company currently expands its manufacturing facilities in China and attracts suppliers.
Ford spends about $90bn a year on purchasing, of which about two-thirds is spent on procuring parts and components for vehicles. So for the company $1bn will be a significant saving.
Ford's restructuring plan is based on typical annual car sales of about 16m, against about 17m of sales volume for the industry this year.
In less than a week after the Putin-Biden summit in Geneva, Washington has announced the preparation of new sanctions against Russia. It appears interesting how the Kremlin commented on the news