Chinese Version of Ford Car Set to Roll off Production Line

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Last updated at: (Beijing Time) Friday, January 17, 2003

Chinese Version of Ford Car Set to Roll off Production Line

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The first Fiesta car produced by the Chang'an Automobile (Group) Corporation's joint venture with the US-based Ford Motor Co. is expected to roll off the production line by Saturday, an executive with the Chinese company announced Thursday.

The market price for the Fiesta, targeted at families in China's increasingly affluent urban areas, was set at about 100,000 yuan(about 12,000 US dollars), the executive said.

The Chang'an Automobile (Group) Corporation, based in southwest China's Chongqing Municipality, the most thriving city on the upper reaches of the Yangtze River, launched the joint venture with Ford, the Chang'an Ford Automobile Co. Ltd., in April 2001.

The preliminary investment in the joint venture amounts to 98 million US dollars, equally shared by both partners.

Yin Jiaxu, chairman of the board of the Changan parent company, has been appointed as first board chairman of the new joint venture, and Ron Tyack has been appointed its president and general manager.

Under a initial production plan, the joint venture is set to produce 50,000 cars a year.

Its second model will be the Mondeo which will sell for about 300,000 yuan (some 36,000 US dollars) on the market.

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