Ford's passenger vehicle joint venture in China, Changan Ford Mazda Automobile, on Thursday signed a memorandum of understanding with the Chongqing municipal government for its first transmission plant in China. The plant, with an initial investment of US$350 million to be entirely funded by CFMA, will produce six-speed automatic transmissions with an initial annual capacity of up to 400,000 units, supplying Ford brand vehicles produced and sold locally by CFMA.