Ford (F) Plans to Build New Assembly Plant in China

Ford Motor Co. (NYSE: F) announced its plans to invest $490M to build an assembly plant in China to produce the next-generation Focus compact car, which it plans to sell globally.

The plant is being built in conjunction with Mazda Motor Corp. and Changan Automotive Co. under a joint venture -- Changan Ford Mazda Automobile -- in Chongqing, China. Ford currently produces 450,000 vehicles in China annually. The new facility will initially be able to manufacture 150,000 cars per year, with the capacity to produce 600,000 by 2012 when the plant is at full capacity.