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· Ford and Zotye will form a new company
On November 8, Ford Motor Company (hereinafter referred to as Ford) and Zotye Automobile held a signing ceremony. The two parties jointly established a new joint venture company, Zhongtai Ford Motor Co., Ltd., and each of them holds 50% of the shares in the joint venture company. The formal establishment of the new joint venture company has yet to be approved by relevant Chinese laws and regulations.
On the same day, Ford Group Vice President and Asia Pacific President Peter Fleet and Iron Bull Group Chairman, Anhui Zhongtai Automobile Co., Ltd. Director Ying Jianren officially signed a joint venture agreement in Beijing.
According to the agreement, the total investment of the new joint venture company is 5 billion yuan. The company will be responsible for the design, development, production and sale of a series of economical pure electric passenger vehicles.
“We are very pleased to be able to sign a joint venture agreement with Zotye to form our third vehicle joint venture company in China. After obtaining the relevant regulations, the joint venture company will launch a series of small pure electric passenger car products through the new brand,†Fulide “We will also explore innovative in-vehicle connectivity and mobile travel solutions for a new generation of urban consumers in China,†said.
Ying Jianren said, "For Zotye, today is a very important day. Our cooperation with Ford will further promote the development of China's auto industry," Ying Jianren said. "The two sides will work closely together to better meet China. Consumer demand for electric vehicles."
The new joint venture will also have a product development center and a dedicated sales and service network. The company will also build a new production plant in Zhejiang Province. The pure electric passenger car products produced by the joint venture company will adopt all the independent brands of the joint venture company to better meet the needs of Chinese consumers for pure electric vehicles.
In addition to the formation of joint ventures, Ford and Zotye will also actively seek cooperation opportunities in the field of mobile travel services.
Zotye is one of the first brands in China to enter the pure electric vehicle market and has extensive experience in designing, manufacturing and selling small pure electric vehicles. In the first ten months of this year, Zotye sold more than 22,300 pure electric vehicles, a year-on-year increase of nearly 16%. According to the strategy announced earlier, Ford Motor plans to provide electrified power options for more than 70% of Ford brand models sold in China by the end of 2025.
Zhongtai's experience in the design and commercialization of pure electric vehicles in China and the product development and technical capabilities of Ford Motor will contribute to the rapid development of the new joint venture.