Ford, China’s Zotye Auto invest $756 million in electric vehicle JV

Ford Motor and China’s Anhui Zotye Automobile have agreed to invest a combined $756 million to set up a 50-50 joint venture in China to build electric passenger vehicles, both companies said on Wednesday.

The new joint venture, Zotye Ford Automobile Co. Ltd, plans to build a manufacturing plant in Zhejiang province and will sell all-electric vehicles under a new Chinese brand, tapping into a boom for such vehicles in the world’s top auto market, Ford Motor said in a statement.

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The JV agreement was signed in Beijing today by Peter Fleet, Ford group vice president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto