Ford Motor Co and Chinese partner Jiangling Motors have rejected claims their light commercial vehicle joint development is ridden with problems.
The allegation resulted in a suspension in shares of Jiangling on the Shenzhen Stock Exchange yesterday morning.
A Ford Motor (China) spokesman said yesterday: 'Progress has been extremely successful. We have been co-operating closely on the upcoming launch by the end of next year.' The Jiangling factory, in Nanchang, Jiangxi province, would eventually have annual capacity of 60,000 Transit light commercial vehicles, she said. Trial operations would begin early next year.
Jiangling securities head Xiong Zhongping said the claim was unfounded and was spread by speculators wanting to make use of a rumour-driven stock market to make profit.
Their joint development coincides with Ford's intention to increase its ownership in Jiangling from the current 20 per cent, although a Ford spokesman said no concrete plans had been made.
Sources said Ford was looking for a way to raise its stake to 35 per cent in a bid to incorporate Jiangling under its banner.
