Shanghai Daily Says Ford (F) Investing $1 Billion in China Expansion

A report in the Shanghai Daily says Ford Motor Co. (NYSE:F) is investing about $1.1 billion in China to expand production, according to Ford's joint venture partner.

Marin Burela, president and chief executive officer of Changan Ford Mazda Automobile Co., was cited by the Daily as saying the new Ford factory in Chongqing will have a total capacity of 650,000 units by 2012,

Also per the report, Ford will boost power train and engine production to 750,000 units, up from the current 400,000 units being produced.

Ford closed Tuesday at $14.34, falling $0.25, or 1.71 percent.