U.S. giant Ford Motor Co. said Thursday, April 5 that it would invest an additional $600 million in China to expand production in the world’s largest auto market, AFP reported.
The investment, which brings Ford’s investment in China to $4.1 billion, will lift production capacity at its operations in the southwest city of Chongqing by 350,000 vehicles annually, it said in a statement.
Ford estimates output capacity in China will be 950,000 vehicles a year by 2014 following the expansion.
The investment will be used to build a new assembly line, the statement said. Ford already has two assembly plants and an engine factory in Chongqing. Two more plants making auto parts are also under construction in the city.
As the world’s largest auto market, China has become increasingly important to foreign players.
Ford also said Thursday it would introduce four new vehicles to the China market this month, as part of previously announced plans to bring 15 new vehicles to the country by 2015.