Ford taps Chinese heavy-duty truck market
Updated: 2012-08-08 17:46
By Li Fangfang (chinadaily.com.cn)
|
||||||||
The US automaker Ford Motor Co aims to tap the world's largest market for heavy-duty trucks by going through its China affiliate to take over Taiyuan Chang'an Heavy Duty Truck Co.
Ford said in a statement on Wednesday that Jiangling Motors Co, in which it holds a 30 percent stake, will acquire Taiyuan Chang'an from its parent companies, China Chang'an Automobile Group and China South Industries Group Corp. No further details about the deal have been released.
According to a statement released by the Chongqing United Assets and Equity Exchange on July 6, the parent companies plan to sell Taiyuan Chang'an for 270 million yuan ($42.4 million).
The deal cannot move forward without the Chinese government's approval.
Ford's Jiangling sold 194,588 light commercial vehicles and sports-utility vehicles in China in 2011, including the Ford' minivan Transit. That number was up 9 percent from a year before.
China is the largest market for heavy-duty trucks in the world. One million of the vehicles were sold in the country in 2011, more than in North America, Europe and South America.
Relief reaches isolated village
Rainfall poses new threats to quake-hit region
Funerals begin for Boston bombing victims
Quake takeaway from China's Air Force
Obama celebrates young inventors at science fair
Earth Day marked around the world
Volunteer team helping students find sense of normalcy
Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
|
|
|
|
|
|
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
|
|














