Ford and Zotye to build EVs in China
Both carmakers signed an agreement to manifest their planned joint venture, first announced in August. Ford and Zotye intend to jointly develop and produce all-electric cars for consumers in China.
Their 50:50 JV is to focus on stylish and affordable EVs under a new indigenous brand. Investment costs could accumulate to 5bn yuan (approximately 756m dollars). Zotye Ford Automobile Co. is already Ford’s third JV in China.
reuters.com, greencarcongress.com, media.ford.com
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