SHANGHAI (Reuters) - Ford Motor Co. (NYSE:F - news), the second largest U.S. automaker, intends to further up its stake in a Chinese commercial vehicle venture, the Michigan-based company said on Thursday after raising its holding to 30 percent.
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Ford, which also makes cars in China with Changan Automobile Co. Ltd. (000625.SZ) (200625.SZ), bought another 0.04 percent of Jiangling Motors Co (000550.SZ)(200550.SZ) on the open market, Jiangling said in a filing carried in official state media.

Ford bought 321,400 Hong Kong dollar-denominated B shares, which are open to foreign investors, Jiangling said, worth about HK$1.06 million ($136,000) based on Aug. 5's closing price of 3.30 yuan.

The company's shares had been suspended from Monday until trade resumed on Thursday.

"Ford Motor Company has the intent to further acquire equity shares in Jiangling," the company said in an e-mailed statement, adding they were "committed to help Jiangling grow stronger and become a leading commercial vehicle manufacturer in China." Changan won regulatory approval in July to take control of Jiangling in a complex acquisition seen as a sign of further consolidation in a fragmented industry with over 100 players. The industry has also been in a protracted slowdown for over a year.

Changan said then that it would offer Ford an option to buy another seven percent stake in Jiangling after three years.

Changan, China's top maker of minivans, also assembles compact cars with Japan's Suzuki Corp. (7269.T). It is now the country's fourth largest vehicle maker after Shanghai Automotive Industry Corp., First Automotive Works and Dongfeng Motors.

Ford, which intends to invest $1 billion in China in coming years, is a relative latecomer to the country, now the world's third largest vehicle market and where Volkswagen A.G. (VOWG.DE) and General Motors Corp. (NYSE:GM - news) have been making cars for years.