LAST_UPDATEFri, 20 Jul 2018 10pm

Ford Says Signs MoU With Chinese Automaker To Build Electric Vehicles In China

Pic: ReutersPic: ReutersSHANGHAI: 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.