Ford to build plant in China

Ford to build plant in China

SHANGHAI: Ford Motor Co.'s plan to build a third auto plant in China with the cooperation of Japan's Mazda Motor reflects foreign carmakers continued ambitions in the world's fastest growing market.

The deal signed on Thursday means that Ford is moving ahead with its previously announced US$1billion expansion in China as it seeks to catch U.S. rival General Motors Corp and Germany's Volkswagen AG.

The three-way agreement, which includes China's Chongqing Changan Automobile, is further evidence that China is the most important battleground for the world's auto giants despite mounting evidence of slowdown. -- AFP