Ford Motor Company and Zotye have signed a definitive agreement to set up Zotye Ford Automobile Co, 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 news, announced Wednesday, comes two months after the pair said they meant to form the venture.
Ford Motor Co.is launching a venture with a Chinese partner to develop electric vehicles for sale in China, the biggest market for the technology.
Once the Chinese government approves the deal, the enterprise will build a manufacturing facility in the Zhejiang province to produce EVs under its new brand, Zotye Ford.
In the meeting, Fleet said he will confirm Ford's plan for nearly $10 billion in exports from the U.S.to China over the next three years.
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In the meeting, Fleet said he will confirm Ford's plan for almost $10 billion in exports from the U.S.to China over the next three years.
The deal is pending regulatory approval. It sold more than 22,500 all-electric vehicles in the first 10 months this year, up 14 percent year-on-year.
Like most automakers, Ford is accelerating its investments into electrified vehicles to meet upcoming emissions requirements in major markets, including China. Being able to point to local R&D and domestic production of these vehicles is sure be a mark in the plus column for the Zotye Ford joint venture. China is implementing a cap-and-trade framework next year that will penalize companies that don't meet fleet-based limits. In September, Ford also announced an alliance with Mahindra & Mahindra Ltd.in India to collaborate on electric and connected vehicles.
Zotye Auto is a market leader of small electric cars in China. Deliveries of such vehicles rose 53% to 507,000 units in 2016, according to the China Association of Automobile Manufacturers. The joint venture will also explore new ownership models such as auto sharing and vehicle pooling.
Zotye's electric cars include the the two-seat E200.