Ford and Anhui Zotye formed electric car joint venture

Ford Motor Company and Anhui Zotye Automobile Co. plan to form a joint venture to build an electric vehicle. The auto giant headquartered in Michigan and Yongkang will build electric passenger vehicles in China using a new brand that utilizes the explosion of the future mobility market of the world.

Tinuku Ford and Anhui Zotye formed electric car joint venture

Ford Motor and Anhui Zotye are in talks for a joint venture commitment in unspecified funding and operating details. China is the fastest growing electric vehicle market in the world and will have six million vehicles per year by 2025 with around four million being an all-electric vehicle.

China is the world's largest population that has struggled to combat pollution levels in major cities and is aggressively driving the purchase of electric vehicles. The government and the private sector spend tens of billions on investment projects, research and subsidies.

Tesla, Daimler AG and General Motors are among the companies that have announced plans to make electric vehicles in China and are projected to own at least a fifth of the country's car sales by 2025.

Ford on Tuesday said it had signed a memorandum of understanding with Zotye Auto to set up a joint venture and a new brand in a 50-50 stock stake. Zotye is the market leader in the all-electric small vehicle segment in China and sells more than 16,000 vehicles during 2017 to July or grew 56 percent.

Zotye also makes sporting vehicles and cargo trucks. Ford said it would release details on future brand, products and production volumes, pending final approval and regulatory approval.