BEIJING/SHANGHAI Nov 21 Ford Motor Co,
Mazda Motor Corp and their partner in China have agreed
to invest an additional $37.3 million in their engine plant
venture, following surging sales of Ford cars including its
latest Focus model.
Ford, Mazda and Chongqing Changan Automobile Co
will increase their investment in the engine plant in Chongqing
city according to their shareholdings, which are 25 percent, 25
percent and 50 percent, respectively, the Chinese firm said in a
statement on Wednesday.
The plant produces engines for cars including the Ford J53
and J36 models, an official at Chongqing Changan Automobile said
Ford Motor's China car sales have risen in recent months as
consumers shun Japanese brands because of a lingering
territorial row between China and Japan. The dispute has also
benefitted other foreign automakers such as General Motors
and BMW and Hyundai Motor Co.
Ford's October vehicle sales in China jumped 48 percent from
a year earlier, outpacing a 5.3 percent gain in the country's
overall market, company data show.
The Focus model, launched in late April, has been selling so
well that workers at Ford's Chongqing car plant in southwest
China have added shifts to keep up with demand, according the
Trevor Hale, the firm's Shanghai-based China spokesman.
The engine venture, which also makes engines for Madza
models, will probably shut some old production lines following
the latest investment, the official at Chongqing Changan
Automobile said, without elaborating.