According to a recent press release, US-based Ford Motor Company is considering a 50/50 joint venture with local Chinese automaker Anhui Zotye Automobile Co for the manufacturing of electric passenger vehicles. The signed memorandum of understanding for the JV lays the groundwork for a potential new company to make electric cars in China. The proposed joint venture with the local auto maker is subject to regulatory approval.
Given China’s struggle with pollution, it is aggressively encouraging growth in the electric vehicles market and has poured tens of billions of dollars into investment, research funding and subsidies. China’s regulatory agencies seek electric and plug-in hybrid cars to make up at least a fifth of the country's auto sales by 2025. This is encouraging Ford and other automakers such as Tesla, Daimler AG and General Motors (GM) to launch projects in China. China is the fastest growing market in the world for new energy vehicles (NEV). In April, Ford outlined plans to offer by 2025 hybrid or fully electric versions of all models built in China with it present domestic joint venture partner, Chongqing Changan Automobile Co Ltd.
Ford stated that it would release details about the brand, products and production plans at a later date, pending a final agreement and regulatory approvals.