Ford and partners to put more money in China venture
SHANGHAI, Feb 14 (Reuters) - Ford Motor (F.N: Quote, Profile, Research) and its partners plan to invest an additional $58 million in their China car venture to help fund its expansion, Chinese partner Changan Automobile Co 000625.SZ said on Thursday.
The number two U.S. automaker will invest $20.3 million in Changan Ford Mazda, a three-way tie-up with Mazda Motor Corp (7261.T: Quote, Profile, Research) and Changan Auto, the Chinese company said in a statement.
Mazda, of which Ford owns a third, will invest $8.7 million in the venture, while Changan Auto 200625.SZ will put in $29 million.
The move, which already has the approval of the commerce ministry, will boost the venture's registered capital to $351.44 million from the previous $293.44 million, but keep its current shareholding structure unchanged, it said.
Changan Auto owns 50 percent of the venture, with Ford and Mazda sharing the rest. (Reporting by Fang Yan; Editing by Nick Macfie)
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