Ford Motor Company (NYSE:F) set to combine with Anhui Zotye Automobile as it expands in biggest market on earth

According to the latest reports, US car-making giant Ford Motor Company (NYSE:F) is negotiating with a Chinese company to start a new line of electric vehicles for the world’s largest market.

Reports said Ford Motor Company (NYSE:F) is seriously interested in a joint venture with electric car maker Anhui Zotye Automobile, the company famous as a major manufacturer of small, zero-emissions electric cars.

This announcement arrives as carmakers in China face new regulations intended to improve electric car sales, part of the government’s effort to wrestle pollution.

The world’s most populated country already has more electric cars on the road than any other nation and Ford said it expects sales of all-electric cars in China to reach four million by 2025.

Country’s officials are also considering new set of laws that would necessitate 8% of car sales to be electric next year and 12% by 2020.

Meanwhile US giants spokesman revealed that the company hoped to close a deal with Zotye by the end of the year. Ford said it would unveil more information about the joint venture and the car as the deal moves forward.

Furthermore Zotye, based in Huangshan, Anhui province, focuses in small cars and sold more than 16,000 all-electric cars up to the end of July this year, up 56% year-on-year, according to Ford.

Moreover Ford said in 2015 it is set to put in $4.5bn on electrification efforts, introducing 13 hybrid and electric vehicles by 2020. Ford also claimed more than 70% of all its cars sold in China would have electrified options by 2025.

Reports said that Ford Motor (F) who has already two joint ventures working in China, managed to sell more than 600,000 cars in China in the first seven months of this year, down 7% year over year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five + fourteen =