Ford Motor Co. unveiled the new Ford Fiesta at the Auto China 2008 event at the New China International Exhibition Centre in Beijing on Saturday.

As part of its plan to roll out models globally in a bid to cut development costs, Ford will distribute its five-door hatch back in Europe, Asia, South Africa, and the Americas between 2008 and 2010, the company said in a press release given to reporters at the event.

The car was designed and developed in Europe. Its Chinese production will begin by the end of 2008 at a plant in Nanjing, China that already started operations in September with an initial annual capacity of 160,000 cars.

Ford increased its sales during the first quarter in China by 47 percent to 90,791 on demand for Focus compacts.

The Chinese vehicle market showed positive results in the first quarter rising 21 percent according to the China Association of Automobile Manufacturers.

Shares of Ford Motor Corp. closed on Friday at $7.45 above 2.62 percent in the New York Stock Exchange.