Ford and China’s Anhui Zotye Automobile (Zotye) have signed a memorandum of understanding to co-produce electric vehicles for the People’s Republic.
Under the proposed project, each party would take up a 50 percent stake in the development, manufacturing, servicing and marketing for one or more new passenger EVs.
Initially at least, the EVs would only be sold in China under “an indigenous brand”, but the project would represent an important step forward for Ford’s aspirations in China.
“The potential to launch a new line of all-electric vehicles in the world’s largest auto market is an exciting next step for Ford in China,” Ford’s Peter Fleet said.
“Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers.”
Ford added ‘first China, then the world’, as it recommitted to build 13 new EVs for various markets over the next five years.
The global carmaker said it expects the EV market in China to grow to four million units annually by 2025. Zotye alone has sold more than 16,000 EVs in China in 2017 to the end of July - up 56 percent on last year.
Ford and Zotye said the finer details of the new EV project would be announced at a later stage.
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