BEIJING: FORD Motor Co’s joint venture with Chongqing Changan Automobile Co will take over and upgrade a factory in northeast China in a 6.6 billion yuan (US$1.1 billion) deal, a company spokeswoman said.
The factory will increase Changan Ford’s production in China by 200,000 vehicles annually to help meet the country’s growing demand for passenger vehicles.
“We are looking for long-term growth opportunities,” Ford spokeswoman Claire Li said, adding that it will help the company’s geographic coverage of the country. Ford currently has factories in Chongqing and Hangzhou in Zhejiang Province.
The factory was previously operated by Harbin Hafei Automobile Group Co, a subsidiary of Chongqing Changan’s parent company.
