Ford (F -0.2%) signs a joint venture agreement with Zotye to establish a new 50-50 JV to meet growing EV demand in China.
The company says the new JV will leverage a combined investment of $756M.
"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," says Ford Asia Pacific VP Peter Fleet.
Ford press release (.pdf)
Previously: Ford aims big in China EV market (Aug. 22)
Previously: China expected to open up EV market (Sept. 20)
Subscribe for full text news in your inbox