Ford, China’s Zotye Auto invest US$756 million in electric vehicle JV

28 November 2017 12:23 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: Ford Motor and China’s Anhui Zotye Automobile have agreed to invest a combined US$756 million to set up a 50-50 joint venture in China to build electric passenger vehicles, both companies said recently.


The new joint venture, Zotye Ford Automobile Co. Ltd, plans to build a manufacturing plant in Zhejiang province and will sell all-electric vehicles under a new Chinese brand, tapping into a boom for such vehicles in the world’s top auto market, Ford Motor said in a statement.


“Zotye Ford will introduce a new brand family of small all-electric vehicles,” Ford Group Vice President Peter Fleet said in the statement. “We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers.”


The JV deal was signed during U.S. President Donald Trump’s visit to China as the two countries inked commercial deals worth about US$9 billion.


In addition to the new JV, Ford and Zotye will explore offering mobility services to consumers in China as local demand for such solutions continues to grow, Ford’s statement added.


China, struggling with alarming pollution levels in major cities, is aggressively pushing plug-in vehicles and has poured in tens of billions of Yuan in investment, research funding and subsidies, drawing many new automakers to launch projects.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Bio Bubble Bursts on tissa safari drivers

Ukrainian tourists are visiting Sri Lanka at present with the involvement of

Army’s LRRP Ambush of LTTE’s Military Intelligence Chief

A news report in the Dailymirror last August stated that the Long Range Recon

“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.