US car giant Ford said it would increase its investment in China by US$1bn to US$1.5bn over the next few years to expand output seven-fold in the world's fastest-growing car market. It aims to increase its China production capacity to 150,000 cars a year from its current level of just 20,000.
Investment plans at its Chongqing Changan Automobile joint venture include a second car plant and an engine unit. The company said it would ultimately make and sell a full range of luxury cars in China.