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Ford will build EVs with Chinese automaker in $765 million deal
10 November 2017, 02:31 | Brandon Parsons
Ford Seals Big Deal for Chinese Electric Cars in Time for Trump
The partnership will focus on the production and distribution of a new lineup of small electric vehicles under an all-new brand.
Ford is also going to build a third joint venture, which will be dedicated to electric cars, after it signed a 5 billion yuan ($755 million) deal on Wednesday with Chinese carmaker Zotye Auto.
Both the firms have validated the formation of the Zoyte Ford Automobile Company joint venture, which will draw up plans, construct and dispatch all-electric passenger vehicles to China, Ford revealed in an interview.
These types of partnerships are part-and-parcel for foreign companies looking to do business in China. Ford's speculation with Zoyte comes as China has gestured it strategies to force gas - guzzling transports off the road, though the realm has yet to arrange out an official timeline for the new convention. Several years ago, Chinese lawmakers created this shared ownership model to safeguard the local market, helping the country to develop into the largest market for new vehicles.
China will also impose in 2019 a quota requiring automakers to produce a minimum number of new-energy vehicles.
This gives manufacturers like Zotye experience (though that company in particular already produces electric and battery-powered vehicles) while granting outside conglomerates access to Chinese markets. The freshly-minted CEO of Ford, Jim Hackett, was head of the automaker's "smart mobility" unit until he was tapped to lead the company earlier this year. Last year, the Blue Oval sold well over a million vehicles in China.
Happy faces: Peter Fleet, Ford vice president and president for Ford Asia Pacific, and Ying Jianren, board member of Zotye Auto.
MGM Resorts International Q3 Earnings Retreat 72%
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IPhone 7 the best selling phone in Q3 2017
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Indianapolis Colts cut cornerback Vontae Davis
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