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.
The deal is pending regulatory approval. These cars will be manufactured in a new factory in Zhejiang Province. It will also establish a new dedicated sales and service network. Together, they will create a brand new line of electric vehicles (EV) specifically for Chinese citizens.
Worker in the Ford Zotye plant in China.
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These types of partnerships are part-and-parcel for foreign companies looking to do business in China.
A Zotye statement said the joint venture is aiming for a 10 percent share of China's burgeoning electric auto market. Ford already operates successful vehicle joint ventures with Changan Ford Automobile Corporation, Ltd. and Jiangling Motors Corporation. Ford's speculation with Zoyte comes as China has gestured it strategies to force gas - guzzling transports off the road, though the realm has yet to arrange out an official timeline for the new convention. 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.
China will also impose in 2019 a quota requiring automakers to produce a minimum number of new-energy vehicles.
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Ford and Zotye are also said to be working on mobility solutions in China, expanding on Dearborn's efforts here at home. Peter Fleet, Ford's Asia - Pacific president, told Bloomberg Television that he will convene Xi and Trump and verify around Dollars 10 billion in exports from the United States to China.
Ford sold 61,743 imported cars in China in the first 10 months of this year, a 60 percent surge year-on-year.
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