According to some reports, Ford Motor is looking to set up a joint venture with Chinese firm Anhui Zotye Automobile Co. The JV would build electric passenger vehicles in China under a new brand. China is aggressively pushing plug-in vehicles and has poured in tens of billions in investment, research funding and subsidies.
China has set itself an aim to make electric and plug-in hybrid cars at least a fifth of the country’s auto sales by 2025. This aggressive push by China has attracted many Automakers around the world to the country. The companies like Tesla, Daimler AG, and General Motors have already announced plans for making electric vehicles in China.
Continuing the trend Ford has signed a memorandum of understanding with Zotye Auto. Both firms will hold a 50-50 stake in the JV which will sell electric vehicles in under a new brand. However, the financial commitments have not been disclosed yet.