Ford Motor Company said Friday it plans to spend $490 million on building a new car plant in northern China after its current three-way joint car assembly venture splits into two separate entities, the 21st Century Herald newspaper reported today, citing people it didn’t identify.
The factory, to be built in the central Chinese city of Chongqing, will make the next-generation Focus compact car, which Ford plans to sell globally. The new plant will contribute to Fords plan to sell 1.5 million vehicles annually in China and to have an 8 percent market share by 2015.
“Certainly we have ambitious plans to continue to grow China, the world’s largest automotive market, just as we do for the rest of the growing markets in our Asia Pacific and Africa region. We have nothing to announce at this time, however,” the Detroit automaker said in an emailed statement to Reuters.
On the same time, Changan spokesman declined to comment.
The announcement came a day after Ford unveiled a made-in-India compact car as part of the expansion plan to Asia.