Ford has entered into a joint venture with the Chinese manufacturer Zotye to create a new China-only brand, the production of electric vehicles (Evs).
The £575 million joint venture that will create a new brand for the Chinese market, which has the same investment and equity from both brands.
Zotye is infamous for its copy of the Porsche Macan, but it works with Ford, the new joint venture on a series of small electric vehicles.
Ford says that Zotye, with 22,500 EV sales in China so far this year, is the market leader in the sector, with a growth of 14% year-on-year. Zotye entrance will be globally beneficial to Ford, which has a few electrified vehicles currently in its line-up of safety plans to electrify 70% of its range in China by 2025.
No comment was offered on the global objectives of electrification, but Ford has revealed that the products outside of China will benefit from the joint venture.
Zotye director Ying Jianren said: “This is an important day for the Zotye as we partner with Ford, a help for the growth of the Chinese automotive industry. We will work closely to help meet the Chinese consumers the growing demand for electric vehicles.”
Ford’s Asia boss, Peter Fleet, said: “We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture company of the automotive sector in China. Subject to regulatory approval, Zotye-Ford will introduce a brand new family of small all-electric vehicles.”
Fleet also suggested that the common brand explore offers solutions for mobility and new technologies of connectivity, since the demand for them grows.
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