Ford, Jiangling expand partnership

Ford Motor Company (F.NYSE) has announced plans to build a new US$300 million plant in China with joint venture partner Jiangling Motors (200550.SHE), BBC reported. The plant will begin production in 2012 with a capacity of 300,000 vehicles per year. Ford owns 30% of Jiangling, which operates two joint plants with a combined annual capacity of 210,000 vehicles. In April, Ford announced net income of US$2.1 billion for the first quarter of 2010, its highest quarterly profit in six years, thanks in large part to sales in China, which increased by 84%. Jiangling reported first half sales of 88,363 units, up 66% year-on-year.