The US-based Ford Motor Co. announced Friday that it would invest up to 1.5 billion US dollars in China in the next five years, together with its Chinese partner, the Chang'an Automobile (Group) Corporation.

Ford would provide over half of the investment, said Bill Ford, chairman and chief executive of Ford, who is visiting China.

The investment would be used to improve production capacity, introduce new products and expand marketing channels, Ford said.

The production capacity of China's Chang'an Ford would be lifted from 20,000 to 150,000, and a second auto plant and another new engine plant would be set up in China, he said.

China is expected to become the largest auto market in the world in the near future and Ford attached importance to this market as well as to long term development in China, he said.

Ford, the second largest automaker in the world, has two joint- venture plants to manufacture complete vehicles and six such plants for auto parts and accessories in China.

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

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