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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