Ford sets up new joint venture to sell all-electric vehicles for China ride-hailing services
US automaker Ford has revealed that it is setting up a new joint venture with Anhui Zotye Automobile Co., in order to sell all-electric vehicles for ride-hailing services in China.
The new joint venture which Ford is now planning with Zoyte will mark a noteworthy addition to the US automaker’s previously announced electrification plans for the Chinese market.
Ford had previously set up a joint venture with Zoyte for launching a new brand for electric vehicles (EVs) in China. The move to set up the joint venture was in addition to Ford’s plans for launching 15 new EVs in China, under its own existing brands.
Although Ford and Zoyte have not released any information about the expected timeline for bringing new all-electric vehicles to the Chinese market, the companies have signed a memorandum of understanding (MOU) for setting up a new joint venture, for which they will initially invest US$20 million.
About the newly-announced Ford-Zoyte joint venture, Ford has revealed that the objective behind forming the new company is to offer “a range of stylish and affordable all-electric vehicles under a new indigenous brand” in China. Ford further added that the key focus of its new joint venture with Zoyte will be on providing “customized all-electric vehicle solutions to fleet operators and drivers in China’s fast-growing ride-hailing market.”
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