Ford Furthers Global Electrification Expansion; Signs MOU in China with Zotye Auto to Explore New All-Electric Vehicle JV

SHANGHAI–(BUSINESS WIRE)–Ford Motor Company – building on its global promise to provide customers
with affordable and capable electric vehicles – today announced the
signing of a Memorandum of Understanding with Anhui Zotye Automobile
Co., Ltd., a major manufacturer of zero-emission all-electric vehicles
in China.

The goal of the MoU is to explore the establishment of a joint venture
for the development, production, marketing and servicing of a new line
of all-electric passenger vehicles in China. The announcement is
consistent with Ford’s vision for a more sustainable auto industry, as
well as efforts to contribute to societal goals of improving air quality
and addressing climate change.

“The potential to launch a new line of all-electric vehicles in the
world’s largest auto market is an exciting next step for Ford in China,”
said Peter Fleet, Ford group vice president and president, Ford Asia
Pacific. “Electric vehicles will be a big part of the future in China
and Ford wants to lead in delivering great solutions to customers.”

China is the fastest-growing market in the world for new energy vehicles
(NEVs). Ford expects the market for NEVs in China to grow to six million
units per year by 2025, of which approximately 4 million vehicles will
be all-electric.

Zotye Auto is a pioneer in the Chinese all-electric vehicle segment and
was one of the first automakers to produce all-electric passenger
vehicles in the country. It is the market leader in China’s all-electric
small vehicle segment. Zotye sold more than 16,000 all-electric vehicles
through July this year, representing a growth of 56 percent

Vehicles produced would be sold under an indigenous brand owned by the
new joint venture and would aim to capture a sizeable share of China’s
all-electric passenger vehicle market. Additional details, including
information about the brand, products and production volumes, will be
announced at a later date, pending a final definitive agreement and
regulatory approvals.

“The MoU between Zotye Auto and Ford opens the door for us to explore
our cooperation in the development of clean energy vehicles,” said Jin
ZheYong, chairman and president, Anhui Zotye Automobile Co., Ltd., based
in Huangshan, Anhui province. “This presents us with an exciting
opportunity to leverage each other’s strengths in achieving a win-win
situation for both parties’ growth in the fast-evolving Chinese electric
vehicle market.”

As part of its global electrification commitment, Ford has invested $4.5
billion to make electric vehicles that offer customers more capability,
productivity and performance. Ford plans to introduce 13 new electrified
vehicles globally in the next five years, including an all-electric
small SUV to be sold in Asia, North America and Europe. Ford also recently
an ambitious China electrification strategy and confirmed
that 70 percent of all Ford vehicles sold in China will have electrified
powertrain options by 2025.

The new 50:50 joint venture would be a major step forward in building on
Ford’s electrification initiatives and will significantly expand Ford’s
footprint in China, along with the company’s successful joint ventures,
Changan Ford and Jiangling Motors Corporation.

About Ford Motor Company

Ford Motor Company is a global company based in Dearborn, Michigan.
The company designs, manufactures, markets and services a full line of
Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury
vehicles, provides financial services through Ford Motor Credit Company
and is pursuing leadership positions in electrification, autonomous
vehicles and mobility solutions. Ford employs approximately 203,000
people worldwide. For more information regarding Ford, its products and
Ford Motor Credit Company, please visit

Ford’s wholly owned subsidiaries, joint ventures and investment in
China include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd.,
Changan Ford Automobile Co., Ltd., Changan Ford Mazda Engine Co., Ltd.
and Jiangling Motors Co., Ltd.

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