CHONGQING, China, May 20 (UPI) -- Ford Motor Co. said it would build its first-ever transmission plant in China, the world's largest auto market.
Ford said the plant would be "entirely funded" by Changan Ford Mazda Automobile Ltd., the firm's joint venture in China. The initial investment for the plant would be $350 million, Ford said in a statement.
"Together with prior investments announced in the past few years, this new plant demonstrates Ford's unprecedented commitment to the China market and how we are leveraging advanced global technologies to support Ford's aggressive plan to introduce 15 brand new vehicles to China by 2015," Ford President of Asia Pacific and Africa Joe Hinrichs said.
In a release issued Thursday, Ford said plant construction would begin in July with the expectation the facility begin production in the fourth quarter of 2013.
The plant, to be located in Chongqing, is expected to produce 400,000 units per year, Ford said.