Ford taps Chinese heavy-duty truck market

The US automaker Ford Motor Co aims to tap the world's largest market for heavy-duty trucks by going through its China affiliate to take over Taiyuan Chang'an Heavy Duty Truck Co.

Ford said in a statement on Wednesday that Jiangling Motors Co, in which it holds a 30 percent stake, will acquire Taiyuan Chang'an from its parent companies, China Chang'an Automobile Group and China South Industries Group Corp. No further details about the deal have been released.

According to a statement released by the Chongqing United Assets and Equity Exchange on July 6, the parent companies plan to sell Taiyuan Chang'an for 270 million yuan ($42.4 million).

The deal cannot move forward without the Chinese government's approval.

Ford's Jiangling sold 194,588 light commercial vehicles and sports-utility vehicles in China in 2011, including the Ford' minivan Transit. That number was up 9 percent from a year before.

China is the largest market for heavy-duty trucks in the world. One million of the vehicles were sold in the country in 2011, more than in North America, Europe and South America.