Ford Furthers Global Electrification Expansion with MOU in China
The goal of the MOU is to explore the establishment of a joint venture for the development, production, marketing and servicing of a new line of all-electric passenger vehicles in China.
Building on its global promise to provide customers with affordable and capable electric vehicles, Ford Motor Co. recently announced the signing of a memorandum of understanding (MOU) with Anhui Zotye Automobile Co., Ltd., a manufacturer of zero-emission all-electric vehicles in China. The goal of the MOU is to explore the establishment of a joint venture for the development, production, marketing and servicing of a new line of all-electric passenger vehicles in China.
“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,” said Peter Fleet, Ford group vice president and president, Ford Asia Pacific. “Electric vehicles will be a big part of the future in China, and Ford wants to lead in delivering great solutions to customers.”
China is the fastest-growing market in the world for new energy vehicles (NEVs). Ford expects the market for NEVs in China to grow to six million units per year by 2025, of which approximately 4 million vehicles will be all-electric.
Vehicles produced would be sold under an indigenous brand owned by the new joint venture and would aim to capture a sizeable share of China’s all-electric passenger vehicle market. Additional details, including information about the brand, products and production volumes, will be announced at a later date, pending a final definitive agreement and regulatory approvals.
For more information, visit www.corporate.ford.com.