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Ford Signs EV Development Agreement with Zotye Auto
Ford Motor Co. has signed a memorandum of understanding with China-based Anhui Zotye Automobile Co. to explore the potential for a joint venture to produce electric vehicles in China.
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Ford Motor Co. has signed a memorandum of understanding with China-based Anhui Zotye Automobile Co. to explore the potential for a joint venture to produce electric vehicles in China.
If approved, the 50:50 joint venture would include the development, production, marketing and servicing of a new line of all-electric passenger vehicles in China. Vehicles produced would be sold under a new brand.
Financial commitments and details about the brand, products and production volumes will be announced after a definitive agreement has been reached. No timetable was given for a decision.
Ford expects sales of so-called “new energy vehicles” in China to grow to six million units per year by 2025, of which about 4 million vehicles are forecast to be all-electric models.
By that time Ford anticipates 70% of its vehicle lineup in China will be electrified, starting with a plug-in hybrid version of its Mondeo sedan next year and an all-electric small SUV early next decade. Those vehicles will be produced in collaboration with partner Chongqing Changan Automobile.
Zotye sold more than 16,000 all-electric vehicles in China through July this year, up 56% from the same period in 2016. The company, which also makes conventionally powered SUVs and cargo trucks, previously has been accused of making low-cost clones of European models.
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