Ford Partners With China's Zotye to Build Electric Vehicles
Nov 10 2017 by Joanne Wise
The all-electric vehicles produced by the JV will be sold under a new Chinese brand created to meet Chinese consumers' aspirations for electric vehicles.
The American multinational automaker company Ford Motor announced on 8 November about the investment of Dollars 756 million along with its Chinese joint enterprise to fabricate electric cars, just as US President Donald Trump came to Beijing for thorny trade talks.
That is less than 7 percent of its total sales in the Chinese market, where it has already localized most of its more popular cars and sports utility vehicles in its existing joint ventures－Changan Ford Automotive and Jiangling Motors Corporation.
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Once the Chinese government approves the deal, the enterprise will build a manufacturing facility in the Zhejiang province to produce EVs under its new brand, Zotye Ford.
China will also impose in 2019 a quota requiring automakers to produce a minimum number of new-energy vehicles. The joint venture will also explore new ownership models such as vehicle sharing and auto pooling.
China is the world's largest electric-vehicle market, and Zotye is the nation's largest electric- vehicle manufacturer.
The US carmaker announced earlier this year that at least 70 percent of Ford-branded vehicles sold in China will offer electrified powertrain options by 2025.
Peter Fleet, Ford's Asia-Pacific president, told Bloomberg Television that he will meet Xi and Trump and confirm around Dollars 10 billion in exports from the United States to China. Last year, the Blue Oval sold well over a million vehicles in China.