Zotye Ford Automobile Co Ltd setup electric vehicles

Ford Motor Co. and Anhui Zotye Automobile Co Ltd have agreed to invest US$756 million to set up a joint venture of Zotye Ford Automobile Co. Ltd. in the production of electric vehicles. The two companies on Wednesday said they had agreed in possession of 50-50 to build electric passenger vehicles in China.

Tinuku Zotye Ford Automobile Co Ltd setup electric vehicles

Zotye Ford Automobile plans to build a factory in Zhejiang province and will sell all electric vehicles with a new brand and take advantage of the increased demand for electric vehicles in the world's top auto market.

"Zotye Ford will introduce a new brand of electric vehicles. We will explore innovative vehicle connectivity and mobility service solutions for the new generation," said Ford group vice president Peter Fleet.

Ford and Zotye will also explore the mobility services offered to consumers in China where local demand for the business continues to grow. China is aggressively pushing investment and subsidies of tens of billions of yuan to switch from traditional vehicles to electric vehicles.