Ford signs MoU with China's Zotye Auto for EV JV

A promotional event in April for Ford Motor Company ahead of the Auto China car show in Beijing. Ford previously said it plans to offer electric versions of 70 per cent of its models in China by 2025

A promotional event in April for Ford Motor Company ahead of the Auto China car show in Beijing. Ford previously said it plans to offer electric versions of 70 per cent of its models in China by 2025

"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", said Peter Fleet, the company's head in the Asia Pacific region.

Ford today signed a memorandum of understanding (MoU) with Chinese automaker Anhui Zotye Automobile Co to explore the establishment of a joint venture that will build electric vehicles in China.

A report published in July by Bloomberg New Energy Finance projected that sales of EVs will remain low until about 2025 before reaching an inflection point by 2030 as EVs "become economical on an unsubsidized total cost of ownership basis across mass-market vehicle classes". The deal will see Ford and its new partner sell the vehicle sunder a local brand, rather than with its "Ford" name, and ultimately its aim is to produce even more electric vehicles for a market where there is strong incentive to bring EVs to consumers. Overall, Ford is aiming to make sure that 70 percent of the cars its offers in China are electric vehicles by 2025.

Can China's electric cars kill off petrol? Any vehicles would be sold under an indigenous brand.

Krygios, Dimitrov Win Tiebreakers To Advance To Cincinnati Final
In the day session, Kyrgios won his rain-delayed match against Ivo Karlovic 4-6 7-6 (8-6) 6-3 on Friday. And then I played a bad game. "I think it was one of the best matches of the year", Muguruza said.

Earlier this month, General Motors started selling a tiny electric auto in China that costs about $5,300 after national and local electric vehicle incentives. Its existing Chinese joint ventures provided $195 million in net income, but profit margins fell year over year from 16.1% to 10.7%. Further details on the joint venture will be released at a later date, pending final negotiations and regulator approval.

Globally, Ford is in the midst of a $4.5 billion investment in electrification that will result in 13 new electrified vehicles in the next five years.

Ford is already part of two joint ventures in China: Changan Ford for passenger vehicles and Jiangling Motors Corp. for commercial vehicles.

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