AFX-ASIA reports that Chongqing Changan Automobile Co Ltd said it has signed an agreement to buy a 24 percent stake in Changan Ford Automobile Co Ltd for 196.14 million yuan from its parent Chongqing Changan Automobile Group.

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The listed company already owns a 26 percent stake in Changan Ford, while the parent holds 24 percent, and Ford Motor Co the remaining 50 percent stake, including 25 percent by Ford Motor (China) Ltd.

After the proposed deal, the listed company will hold a 50 percent stake in Changan Ford.

Changan Ford rolled off its Fiesta sedan models from the production line on January 18, priced between 88,800 and 127,800 yuan.

The Fiesta sedan is the JV’s first sedan model with an expected annual sales of 20,000 units.

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