Ford has raised its stake in Jiangling Motors Corp (JMC) to 31.5%.
Ford said it may raise its stake to 32%, the limit currently allowed by the securities regulator (Shenzhen Stock Exchange). Ford’s stake is now valued at around US$700m.
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“We will continue to evaluate the market for JMC equity and may purchase the remaining portion of the 2 percentage points between now and January 20, 2014,” Ford said in a statement.
During the first three months of this year, Jiangling, which makes JMC light trucks, SUVs, and Ford’s Transit van, sold 56,420 vehicles, up 7.1%.
