Ford Furthers Global Electrification Expansion; Signs MOU in China with Zotye Auto to Explore New All-Electric Vehicle JV
August 22 2017 - 4:00AM
Business Wire
- Proposed 50:50 joint venture would
produce all-electric vehicles sold under an indigenous brand for
Chinese customers
- The new JV would develop, produce,
market and service all-electric passenger vehicles
- Ford is committed to providing
consumers in China and around the world with a comprehensive range
of electrified vehicles
Ford Motor Company – building on its global promise to provide
customers with affordable and capable electric vehicles – today
announced the signing of a Memorandum of Understanding with Anhui
Zotye Automobile Co., Ltd., a major manufacturer of zero-emission
all-electric vehicles in China.
The goal of the MoU is to explore the establishment of a joint
venture for the development, production, marketing and servicing of
a new line of all-electric passenger vehicles in China. The
announcement is consistent with Ford’s vision for a more
sustainable auto industry, as well as efforts to contribute to
societal goals of improving air quality and addressing climate
change.
“The potential to launch a new line of all-electric vehicles in
the world’s largest auto market is an exciting next step for Ford
in China,” said Peter Fleet, Ford group vice president and
president, Ford Asia Pacific. “Electric vehicles will be a big part
of the future in China and Ford wants to lead in delivering great
solutions to customers.”
China is the fastest-growing market in the world for new energy
vehicles (NEVs). Ford expects the market for NEVs in China to grow
to six million units per year by 2025, of which approximately 4
million vehicles will be all-electric.
Zotye Auto is a pioneer in the Chinese all-electric vehicle
segment and was one of the first automakers to produce all-electric
passenger vehicles in the country. It is the market leader in
China’s all-electric small vehicle segment. Zotye sold more than
16,000 all-electric vehicles through July this year, representing a
growth of 56 percent year-over-year.
Vehicles produced would be sold under an indigenous brand owned
by the new joint venture and would aim to capture a sizeable share
of China’s all-electric passenger vehicle market. Additional
details, including information about the brand, products and
production volumes, will be announced at a later date, pending a
final definitive agreement and regulatory approvals.
“The MoU between Zotye Auto and Ford opens the door for us to
explore our cooperation in the development of clean energy
vehicles,” said Jin ZheYong, chairman and president, Anhui Zotye
Automobile Co., Ltd., based in Huangshan, Anhui province. “This
presents us with an exciting opportunity to leverage each other’s
strengths in achieving a win-win situation for both parties’ growth
in the fast-evolving Chinese electric vehicle market.”
As part of its global electrification commitment, Ford has
invested $4.5 billion to make electric vehicles that offer
customers more capability, productivity and performance. Ford plans
to introduce 13 new electrified vehicles globally in the next five
years, including an all-electric small SUV to be sold in Asia,
North America and Europe. Ford also recently announced an ambitious
China electrification strategy and confirmed that 70 percent of all
Ford vehicles sold in China will have electrified powertrain
options by 2025.
The new 50:50 joint venture would be a major step forward in
building on Ford’s electrification initiatives and will
significantly expand Ford’s footprint in China, along with the
company’s successful joint ventures, Changan Ford and Jiangling
Motors Corporation.
About Ford Motor Company
Ford Motor Company is a global company based in Dearborn,
Michigan. The company designs, manufactures, markets and services a
full line of Ford cars, trucks, SUVs, electrified vehicles and
Lincoln luxury vehicles, provides financial services through Ford
Motor Credit Company and is pursuing leadership positions in
electrification, autonomous vehicles and mobility solutions. Ford
employs approximately 203,000 people worldwide. For more
information regarding Ford, its products and Ford Motor Credit
Company, please visit www.corporate.ford.com.
Ford's wholly owned subsidiaries, joint ventures and investment
in China include Ford Motor (China) Limited, Ford Motor Research
& Engineering (Nanjing) Co., Ltd., Ford Automotive Finance
(China) Ltd., Changan Ford Automobile Co., Ltd., Changan Ford Mazda
Engine Co., Ltd. and Jiangling Motors Co., Ltd.
For news releases, related materials and
high-resolution photos and video, visit www.media.ford.com.
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Ford Motor CompanyAnderson ChanAsia Pacific & China
Communications+86-21-2032-2926achan24@ford.comorMike MoranGlobal
News+1-313-322-1602mmoran@ford.com
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