Ford announced it had received government approval for its new auto joint venture with its Japanese unit Mazda and China's Chang'an Motor Corp based in Nanjing. The venture will start with an annual capacity of 160,000 cars, and possibly increase that up to 200,000 units, Ford said in a statement. Mazda, which is 33.4% owned by Ford, will have an equity stake in the new venture. The new plant is Ford's second manufacturing base in China after its first plant, also a JV with Chang'an, in the southwestern city of Chongqing. Chinese state media cited sources in Chang'an as saying the Nanjing plant will have an initial investment of US$483m (RMB4bn).
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