Ford Motor exploring electric car joint venture in China

Beijing Bulletin

·         Ford is exploring a joint venture with Anhui Zotye Automobile
·         Automaker is planning to build electric passenger vehicles in China under a new brand
·         China is aggressively pushing plug-in vehicles as it deals with alarming pollution levels
SHANGHAI, China - In a bid to build electric passenger vehicles in China under a new brand, Ford Motor is exploring a joint venture with Chinese firm Anhui Zotye Automobile Co.
The company is hoping to tap into a boom for electric vehicles in the world’s top auto market as China continues to struggle with alarming pollution levels in major cities.
In a bid to solve the problem, China is aggressively pushing plug-in vehicles and has poured in tens of billions in investment, research funding and subsidies to help automakers launch projects. 
Amongst the firms that have already announced plans of making electric vehicles in China are Tesla, Daimler AG and General Motors.
China is aspiring to get electric and plug-in hybrid cars to make up at least a fifth of the country's auto sales by 2025.
This year, Ford’s  overall China sales have dropped 7 percent.
In a statement on Tuesday, the company said that it had signed a memorandum of understanding with Zotye Auto to build a new brand under which the electric vehicles will be sold. 
It added that both the firms will hold a 50-50 stake in the joint venture.
However, the company has not provided details of financial commitments or when it would decide on the joint venture.
Ford forecasts the new energy vehicles (NEV) segment is set to grow to six million vehicles per year by 2025 - out of which approximately four million would be all-electric.
Even though in April, Ford outlined plans to offer by 2025 hybrid or fully electric versions of all models built in China with its domestic joint venture partner, Chongqing Changan Automobile Co Ltd - it still pointed out that it would take a cautious approach to the market.


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