Economy
Ford to build 1st transmission plant in China
(Agencies)
Updated: 2011-05-19 21:57
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DEARBORN, Michigan?- Ford Motor Co. says a Chinese joint venture will spend $350 million to build the company's first transmission plant for the world's largest auto market.
The company says the factory in Chongqing will be able to build 400,000 six-speed automatic transmissions. It will make them for Changan Ford Mazda Automobile Limited, the Chinese joint venture.
Ford has a relatively small presence in fast-growing China but says the plant is part of its growth plans.
The company says construction will start in July and production will begin in late 2013.
Ford also is building a $500 million engine plant in Chongqing that will open in two years.
China's auto market last year overtook the US as the world's largest. Sales rose 32 percent last year to over 18 million vehicles.