Ford Motor Co. is preparing to set up a joint venture with Chinese automaker Anhui Zotye Automobile Co. to manufacture all-electric vehicles for China.
The two sides signed a memorandum of understanding Tuesday to explore a 50-50 joint venture to produce, market and service a new line of EVs, officials said. Any vehicles would be sold under an indigenous brand. Ford said it would unveil more details about the brand name and products later.
“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,” Peter Fleet, Ford group vice president and president, Ford Asia Pacific, said in a statement. “Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers.”
Zotye has sold more than 16,000 all-electric vehicles through July this year, representing 56 percent growth year-over-year.