It’s official: Ford Motor Company has entered into a new joint venture that will build electric vehicles in — and for — China.
It’s the latest move in Ford CEO Jim Hackett’s effort to push the Blue Oval more quickly into the high-tech future. Here are the high points of the deal announced by Ford and its latest Chinese business partner:
- Ford’s partner in the deal is the privately held Chinese automaker Anhui Zotye Automobile, known as Zotye Auto.
- Ford and Zotye Auto will each own 50% of the new joint venture, which will be called Zotye Ford Automobile Co., Ltd. (“Zotye Ford” for short).
- Pending regulatory approval (never a sure thing in China), Zotye Ford will develop and manufacture “a range of stylish and affordable electric vehicles for consumers in China.”
- The partners have invested a total of 5 billion yuan (about $756 million) in the venture.
- The vehicles built by Zotye Ford won’t be Fords (or Zotyes); they’ll be sold under a new Chinese brand.
- Zotye Ford plans to build a dedicated research and development center, a new factory in China’s Zhejiang Province (near Shanghai, on China’s eastern coast), and its own sales and service network.