Ford says signs MoU with Chinese automaker to build electric vehicles in China

Ford Motor Company said on Tuesday it has signed a memorandum of understanding with Chinese firm Anhui Zotye Automobile Co to explore establishing a joint venture to build electric passenger vehicles in China.

NATO Secretary General Jens Stoltenberg speaks during a joint news conference with Ukrainian President Petro Poroshenko following a meeting of the NATO-Ukraine Commission in Kiev, Ukraine, July 10, 2017. REUTERS/Valentyn Ogirenko

SHANGHAI: Ford Motor Company said on Tuesday it has signed a memorandum of understanding with Chinese firm Anhui Zotye Automobile Co to explore establishing a joint venture to build electric passenger vehicles in China.

It said in a e-mailed statement that the vehicles produced would be sold under a brand owned by the new joint venture in which both companies would hold a 50-50 stake.

Zotye, which Ford described as the market leader in China’s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said.

(Reporting by Brenda Goh and Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)

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