Ford eyes China expansion

Ford Motor’s (F.NYSE) Chinese unit is nearing a deal to purchase a heavy-truck maker in China, a move the company hopes will accelerate its growth in the country, Bloomberg reported. Jiangling Motors (200550.SH), which is partly owned by Ford, will pay as much as RMB270 million (US$42 million) to acquire Taiyuan Changan Heavy Truck from China Changan Automobile and China South Industries Group, Ford said in a statement. The exact terms of the deal and a final price are still being negotiated. Ford is hoping to expand beyond the passenger car market in China, although the trucks made by Taiyuan Changan will not carry the Ford brand. “JMC’s acquisition represents a great opportunity to continue to expand the breadth of our business in China across vehicle segments,” said David Schoch, chairman and chief executive officer of Ford China. Ford has already announced plans to introduce 15 new vehicle models in China, the world’s largest car market.