Workers assemble vehicles at a plant of Changan Ford, a joint venture between Changan Automobile and Ford Motor Company, in Harbin, Heilongjiang province, China February 22, 2017.
REUTERS/Stringer/File PhotoBEIJING, Aug 11 (Reuters) - Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile (000625.SZ), according to a document published by China's market regulator on Friday.
Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile will have the remaining 40% stake.
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.
Officials at Ford and Changan could not immediately be reached for further comment.
Persons:
Changan Ford, Stringer, Ford, Tesla, Farah Master, Twinnie Siu, Zhang Yan, Ben Klayman, Louise Heavens, Susan Fenton
Organizations:
Changan Automobile, Ford Motor Company, REUTERS, Ford Motor, Chongqing Changan Automobile, Ford, China Association of Automobile Manufacturers, Thomson
Locations:
Harbin, Heilongjiang province, China, BEIJING, Chongqing, Changan, Hong Kong, Shanghai, Beijing, Detroit