Ford's passenger-vehicle joint venture in China, Changan Ford Mazda Automobile Ltd. (CFMA), on May 19 signed a memorandum of understanding with the Chongqing municipal government to build a transmission plant in the inland city. The initial investment of US$350 million is to be entirely funded by CFMA. The planned facility will produce six-speed automatic transmissions with an initial annual capacity of up to 400,000 units. It will supply Ford-brand vehicles produced and sold locally by CFMA. Groundbreaking is planned for July 2011; start of production is slated for Q4 2013.