Ford Signs MoU With Chinese Automaker for Building EVs
Ford Motor Co. is working to set up a joint venture with Anhui Zotye Automobile Co., a Chinese Automaker for manufacturing EVs for the Chinese market.
Both the sides have signed a MoU on Tuesday that relates to a 50-50 joint venture that’ll explore the foundations of production, market as well as service of a new line of EVs. Any vehicle will be sold under the indigenous brand. Ford has said that more details will be unveiled about the products as well as the brand name later on.
Zoyte has managed to sell more than 16,000 EVs through July in 2017, thus, representing a year-over-year growth of 56 percent.
Ford has been expecting the Chinese electric car market will grow to encompass some 6 million vehicles yearly by 2025. It is being speculated that around 4 million of those will be all-electric.
Additionally, Ford has vowed to overhaul its Chinese lineup by electrifying 70 percent of it by 2025.
Apart from this JV, Ford is already a part of two joint ventures in China, the companies being Jiangling Motors Corp. to handle commercial vehicles as well as Changan Ford for passenger vehicles.