Ford Partners With China's Zotye to Build Electric Vehicles


This national movement is now bolstered by a new partnership between Ford and Chinese automaker Zotye.

Ford Motor Company has announced plans to form a joint-venture with Chinese automaker Anhui Zotye Automobile Co. Ltd which will be equally owned by both companies.

Under the 50:50 partnership, Zotye Ford Automobile Co will develop, produce and sell a range of affordable electric cars for consumers in China under a new brand. It also will establish a product research and development center and will operate a sales and services network. The all-electric vehicles produced by the JV will be sold under a new Chinese brand created to meet Chinese consumers' aspirations for electric vehicles.

A joint-venture with Zotye will mark Ford's third partnership in China. The Chinese automaker also produces vehicles powered by other sources.

A Zotye statement said the joint venture is aiming for a 10 percent share of China's burgeoning electric auto market.

Ford Motor Company said on Thursday that it would export cars and components worth $10 billion to China over the next three years, a day after the U.S. carmaker inked a deal to produce electric cars in the world's largest auto market.

The agreement is part of Ford's strategy to offer electrified powertrain options on a minimum of 70 percent of Ford-branded vehicles sold in China by 2025. In the first 10 months of the year, Zotye sold 22,500 vehicles, a more than 14 percent year-over-year increase.

Ford and Zotye are also said to be working on mobility solutions in China, expanding on Dearborn's efforts here at home. Ford sold more than six million across the country past year.

Peter Fleet, Ford's Asia-Pacific president, told Bloomberg Television that he will meet Xi and Trump and confirm around Dollars 10 billion in exports from the United States to China.