Ford to expand in Asia, aims to grow car sales by mid-decade

The Big Three U.S. carmakers - Ford, GM and Chrysler - have emerged from recession-era lows to post big sales gains over the past 18 months. Ford hopes to continue that streak and will ratchet up its manufacturing over the coming years, according to a published report.

The New York Times reports that despite a tepid economic outlook and a uncertain prospects on future car sales, the U.S. automaker is expected to announce Tuesday that it will soon aggressively court international markets in its quest to increase its yearly car sales from its current level of 5.3 million cars to more than 8 million by the middle of the decade.

To accomplish the feat, Ford will have to overhaul its spend management, as well as its strategic sourcing as it expects growth in Asian economies to drive its overall expansion. In Asia, competitors like GM, Volkswagen and Toyota already have a strong foothold, making the task more daunting, IHS Automotive director of global forecasting Michael Robinet affirmed.

"Ford is trying to make up for lost time in Asia," Robinson said. "They have to do a lot of heavy lifting in the next decade to become a major player."