08 Nov '17, 2pm

Ford, Zotye will invest $756 million to build electric cars in China

Ford, Zotye will invest $756 million to build electric cars in China

Ford and Zotye today reached a definitive agreement to establish Zotye Ford Automobile Co., Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable all-electric cars for consumers in China under a new indigenous brand. The agreement was signed in Beijing today by Peter Fleet, Ford group vice president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto . Pending regulatory approval, the new JV will design, build, market and distribute all-electric passenger vehicles for China , the world’s leading electric vehicle market. The establishment of the JV is a key step by Ford towards realizing its vision of a cleaner, more environmentally-sustainable future. The new JV will leverage a combined investment of 5 billion RMB (approximately U.S. $756 million). The new JV builds upon Ford’s amb...

Full article: http://electriccarsreport.com/2017/11/ford-zotye-will-inv...

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