Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile, a document published by China's market regulator on Friday showed.
Changan Ford Motor will own a 60 perce t stake and Chongqing Changan Automobile the remaining 40 percent stake. Changan Ford is a 50-50 joint venture between Ford Motor Co. and Changan Automobile, meaning Chongqing Changan will own more than 50 percent of the new venture.
In the future, the joint venture plans to engage in the "supply business of mainstream brand new energy passenger vehicles and the distribution business of Ford brand models that Changan Ford has invested in," the statement said. Ford said in a later statement the new venture also will sell existing Ford-brand gas-powered vehicles.
Ford said the venture was being formed "to better grasp the development trend of electrification and intelligence in the auto industry."
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