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Ford, Zotye Sign $756 Million Electric-Vehicle Deal

10 November, 2017, 02:29 | Author: Nadine Todd
  • Zotye Ford

The announcement was made in the presence of Chinese President Xi Jinping and visiting US President Donald Trump in Beijing. China will also inflict a quota necessitating automakers to manufacture a minimum number of new - energy transports in 2019. Ford sold more than six million worldwide a year ago.

"We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China", Peter Fleet, Ford group vice president and president of Ford Asia Pacific, said.

Fleet said the Focus sedan made at Changan Ford will be exported to the United States, but he did not give a specific schedule.

Ford Motor and China's Anhui Zotye Automobile have agreed to invest a combined $756 million to set up a 50-50 joint venture in China to build electric passenger vehicles, both companies said on Wednesday. Ltd. - will open a new manufacturing plant in Zhejiang province and produce all-electric vehicles under a new Chinese brand name. It also will establish a product research and development center and will operate a sales and services network.

A Zotye statement said the joint venture is aiming for a 10 percent share of China's burgeoning electric auto market. Ford announced earlier this year that at least 70 percent of Ford-branded vehicles sold in the country will offer electrified powertrain options by 2025.

Many American automakers see untapped potential in the Chinese auto market, and since Chinese EV sales accounted for 40% of global EV sales in 2016, there is clearly a growing demand for EVs over traditional cars. Being able to point to local R&D and domestic production of these vehicles is sure be a mark in the plus column for the Zotye Ford joint venture.

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