The goal of the MoU is to explore the establishment of a joint venture for the development, production, marketing and servicing of a new line of all-electric passenger vehicles in China.
China’s rapidly rising pollution levels in large cities, has been a major driver in the demand for electric vehicles in that country. It is the fastest-growing market in the world for new energy vehicles (NEVs).
“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,” said Peter Fleet, Ford group vice president and president, Ford Asia Pacific. “Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers.”
Vehicles produced would be sold under an indigenous brand owned by the new joint venture and would aim to capture a sizeable share of China’s all-electric passenger vehicle market. Additional details are to be announced at a later date, pending a final definitive agreement and regulatory approvals.
“The MoU between Zotye Auto and Ford opens the door for us to explore our cooperation in the development of clean energy vehicles,” said Jin ZheYong, chairman and president, Anhui Zotye Automobile Co., Ltd., based in Huangshan, Anhui province “This presents us with an exciting opportunity to leverage each other’s strengths in achieving a win-win situation for both parties’ growth in the fast-evolving Chinese electric vehicle market.”
Ford said it expects China's market for all-electrics and hybrids to grow to annual sales of 6 million by 2025.
For information: Ford Motor Company
Photo: Peter Fleet, group vice president and president, Asia Pacific, Ford Motor Company and Jin Zheyong, chairman and president, Anhui Zotye Automobile Co., Ltd.
