Changan Auto Puts 40% Stake in Changan Ford New Energy Up for Sale as Joint Venture Halts Operations

Changan Automobile recently listed its 40% stake in Changan Ford New Energy Vehicle Technology Co., Ltd. for transfer on the Chongqing United Equity Exchange, with a minimum asking price of RMB 154 million. If the transaction is completed, Changan Automobile will no longer hold any direct equity interest in the company. Changan Ford New Energy was established in September 2023, jointly owned by Changan Ford (60%) and Changan Automobile (40%), with the aim of advancing Changan Ford’s electrification transformation. The company previously managed operations for the Ford Mustang Mach-E and had planned to launch one new model annually starting from 2025. However, the production timeline for its first strategic model, codenamed CX810, remains unclear. Currently, the company’s core business operations have come to a halt. Financial data shows that in 2025, it reported revenue of RMB 913 million and net profit of RMB 527.5 million. Yet, in the first four months of 2026, its revenue dropped to negative RMB 1.029 million, with a net profit of RMB 12.562 million; its operating profit was marked as “unavailable due to suspended operations.” Since October 1, 2025, the company has ceased handling Ford-branded vehicle sales and after-sales services and has no subsequent plans for core business activities. In all of 2025, only 35 Mustang Mach-E units were sold. The operational standstill stems from multiple factors: frequent leadership changes at Changan Ford in recent years have disrupted strategic continuity; Ford Motor Company globally scaled back its electrification strategy, canceling several large EV projects and disbanding its dedicated EV division by the end of 2025, which lowered the priority of resources allocated to its China-based joint-venture EV initiatives; meanwhile, Ford has already established a wholly owned sales company in China, taking full control of marketing and distribution channels. Changan Automobile stated that this equity adjustment is part of normal commercial arrangements and will not affect its cooperative relationship with Ford or the implementation of its own new energy vehicle strategy.