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Ford Motor Company and Zotye will set up a new, equal joint venture that intends to sell stylish and affordable all-electric vehicles in China, but under a new brand name. The new JV is called Zotye Ford Automobile Co and will receive an investment of 5 billion RMB (approximately US $756 million).
Peter Fleet, Ford Group vice-president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto signed the agreement in Beijing recently.
The new venture builds upon Ford’s ambitious China electrification strategy and the company intends to have 70 percent of all its vehicles electrified by 2025. The two companies will also set up a dedicated product research and development centre, and will set up a sales and service network around the country. The company will also set up a plant in the Zhejiang Province.
“We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," Fleet said. "We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers."
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