Ford Invests $756M in EV Plant
Nov. 9, 2017—Ford and Zotye, a privately owned Chinese automobile manufacturer, reached a definitive agreement to establish Zotye Ford Automobile Co., according to the Detroit Free Press.
This would be a new 50:50 joint venture that will offer a range of stylish and affordable all-electric vehicles for consumers in China under a new indigenous brand.
The agreement was signed in Beijing 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, this new brand will design, build, market and distribute all-electric passenger vehicles for China. The establishment of this joint venture is a key step by Ford towards realizing its vision of a cleaner, more environmentally-sustainable future.
Zotye Ford Automobile Co., Ltd. builds upon Ford’s ambitious China electrification strategy. 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.
Zotye Ford plans to build a dedicated product research and development center as well as its own sales and services network. A new manufacturing plant will be constructed in the Zhejiang Province. The all-electric vehicles produced will be sold under a new Chinese brand designed to meet Chinese consumers’ aspirations for electric vehicles.