Ford has signed a joint venture agreement with Chinese carmaker Zotye to form Zotye Ford Automobile, a company which will build electric vehicles specifically for China.
In a statement, Ford revealed that pending regulatory approval, the new joint venture will be responsible for designing, building, marketing and distributing EVs through China while leveraging a combined investment of approximately $756 million.
No timeline has been made public about when production of these EVs will commence but the joint venture will form an important part of Ford’s commitment to have at least 70 per cent of its vehicles sold in China offered with electrified powertrain options by 2025.
As part of the joint venture, Zotye Ford will build a dedicated product research and development center, a manufacturing plant in Zhejiang Province, and establish its own sales and services network.
“We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China,” said Ford group vice president and president for Ford Asia Pacific, Peter Fleet said.
“Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles. We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers.”
For those not familiar with Zotye, the company is perhaps best known in the west for its SR8, a clone of the Porsche Macan.