Ford, Zotye to Bring Affordable EVs to China in $756 Million Deal
Automakers to form a joint venture
Ford and Zotye Auto have agreed toestablish a joint venture focused on making affordable electric vehicles for China. The automakers are investing a combined 5 billion RMB, or approximately $756 million, in the new business.
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The move will give Ford a better foothold in the world's largest market for EVs. The country is moving toward electrification in an effort to curb pollution. By 2025, Ford hopes that at least 70 percent of its namesake brand vehicles in China will offer electrified powertrain options.
Named Zotye Ford Automobile, the joint venture will build a new manufacturing plant in the Zhejiang Province of eastern China. "Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," Peter Fleet, head of Ford Asia Pacific, said in a press release.
The JV will establish its own sales and service network. Meanwhile, it will build a dedicated R&D center. In addition to these undertakings, the companies will look into providing mobility services for people who live in the cities.
The joint venture will leverage the unique strengths of each automaker. Having sold more than 22,500 EVs in China during the first 10 months of the year, Zotye knows how to bring small all-electric vehicles to market in the region. Meanwhile, Ford contributes its expertise in product development and advanced technologies. Globally, Ford has invested $4.5 billion in electric vehicle technologiesand is adding 13 electrified vehicles to its lineup.
Source: Ford
When I tell people I write about cars, the most common reply I receive is “Really?” I guess I never strike people as a car type as I drive down the freeway in the right lane going 60 mph in my old SUV. My gripes about driving in city traffic and fast drivers don’t help my case, either. For a time, the only cars I liked were old cars. Not old as in "classic" or "vintage," but as in well-worn. My first appreciation of cars came when I drove a very old Ford pickup. It wasn't perfect: I used a booster seat to reach the gas pedal, and the turn signal once fell off in my hand as I was learning to drive. But the thing I valued most was the memories. It took several years for me to truly become a "car person." Being a long-time writer and an avid reader has helped me develop a healthy curiosity and a desire to know how things work. This has made cars one of the most fascinating points of study for me because they are such intricate machines. I am interested in how cars can reach 200 mph, how they can run on hydrogen, and how they can drive and park on their own. I also enjoy learning how cars can solve problems whether it be in the form of reducing pollution, minimizing traffic, or helping people stay connected on the road. Yes, maybe I’m not a gearhead. Perhaps I’m a car nerd. Either way, I very much enjoy writing about cars and helping people stay in tune with the automotive industry. I wouldn't want to be writing about anything else. And don’t get me wrong: I know how to drool over a hot car. I am fascinated by the Tesla Model S, awed by the Lamborghini Veneno, and am hopelessly obsessed with the Audi R8.
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