Tuesday, 21 November, 2017

Ford, Zotye Sign $756 Million Electric-Vehicle Deal

Zotye Ford Home Ford Ford and Zotye invest $756 million for EVs in China By Marc Carter
Kayla Schwartz | 10 November, 2017, 02:28

The two firms confirmed the establishment of the Zotye Ford Automobile Company joint venture, which will design, build and distribute all-electric passenger vehicles for China, Ford said in a statement.

Operating under a conjoined name - Zotye Ford Automobile Company - the collaboration will offer "a range of stylish and affordable electric vehicles for consumers in China". Ltd which will be equally owned by both companies.

Ford and Zotye say they will be investing 5 billion yuan ($756 million) into the new venture, which will include a new assembly plant in Zhejiang province to produce the new products. They will be marketed under a new independent brand via a new sales and service network. "Zotye Ford will introduce a new brand family of small all-electric vehicles".

Republican tax bill would kill deductions for interest on student loans
"It levels the playing field for our business so they don't ship jobs overseas anymore", Ryan said at a weekly press conference. As for the hard -fought compromise, he said, "I think it'd be hard not to have it in the final bill".

The new joint venture builds upon Ford's ambitious China electrification strategy. The joint venture will also explore new ownership models such as vehicle sharing and auto pooling. Between the three partnerships, Ford says it plans for 70 percent of its vehicles sold in China by 2025 to be electrified. The company sold more than 22,500 electric vehicles there through October of this year, a 14 percent increase year-over-year.

China will also impose in 2019 a quota requiring automakers to produce a minimum number of new-energy vehicles. The freshly-minted CEO of Ford, Jim Hackett, was head of the automaker's "smart mobility" unit until he was tapped to lead the company earlier this year. Peter Fleet, Ford's Asia - Pacific president, told Bloomberg Television that he will convene Xi and Trump and verify around Dollars 10 billion in exports from the United States to China. Ford sold more than six million across the country a year ago.

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