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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Ford announces second engine plant in China AFP - Sunday, September 26 Send IM Story Print Ford announces second engine plant in China Slideshow: Full Photo Coverage: Business & Economy CHICAGO (AFP) - – US auto giant Ford Motor Company said Saturday that it signed an agreement with Chinese officials to open a second engine plant in the southwestern city of Chongqing. Plant construction is set to begin in 2011, with engine production scheduled to begin in 2013, the company said in a statement. The 500-million-dollar investment will be funded entirely by Changan Ford Mazda Automobile Ltd (CFMA) -- a three-way joint venture involving Ford, Changan Motors and Mazda Motor Company -- and located in Chongqing's New North Zone. "With the additional capacity of 400,000 units at the new plant, CFMA is more than doubling its existing engine capacity of 350,000, to 750,000 engines annually," Ford said. "This new engine plant will help power our ambitious expansion plans here in the world's largest automotive market," said Joe Hinrichs, Ford's president for Asia Pacific and Africa. "The growth potential in this part of the world in the next 10 years is astounding," Hinrichs added. China's auto sales hit 13.64 million units last year, overtaking the United States as the world's top car market, while sales this year are forecast to hit 15 million units. As of the end of 2009, there were 76.2 million vehicles in the country, according to government figures. In early September Ford said its sales in China rose to 44,047 units for August a 24-percent increase over the same period the previous year. Ford has said it expects 70 percent of its growth to come from Asia Pacific and Africa regions in the next decade. Recommend Send IM Story Print Related Articles Afghan govt reopens tender for giant iron ore mine AFP - 2 hours 33 minutes ago China lets banks sell loans to each other AFP - 2 hours 49 minutes ago Ford announces second engine plant in China AFP - Sunday, September 26 Toyota to produce new compact hybrid in France AFP - Sunday, September 26 BlackBerry maker closer to averting India ban: report AFP - Sunday, September 26 News Search Top Stories US starlet Lindsay Lohan bails out of jail Russian spacecraft from ISS lands safely Russian spacecraft lands safely after delay LA judge sets bail to release Lohan: spokesman Spacecraft undocks from space station after delay More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended LA judge sets bail to release Lohan: spokesman US starlet Lindsay Lohan bails out of jail Gold hits record above $1300 , silver at 30-year peak Arsenal post record profits Great white sharks no cold-blooded 'Jaws' More Most Viewed » Climate: New study slashes estimate of icecap loss US state executes first woman in nearly 100 years US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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