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Ford Motor Co. is looking to forming a joint venture with Anhui Zotye Automobile, a manufacturer of zero-emission all-electric vehicle, for producing electric vehicles in China under a new brand. Both the firms will hold a 50-50 stake in the JV.
US Ford announced on Tuesday that it had signed a memorandum of understanding with Anhui Zotye Automobile Company. Chinese automaker sold over 16,000 electric vehicles in the first seven months of the year, an increase of 56 per cent year-on-year.
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Ford said that it would release the additional details including about the brand, products and production volumes at a later date, pending a final definitive agreement and regulatory approvals.
Ford projects the electric vehicles market in China to grow to four million units annually by 2025.
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