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 an emailed 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. Back in April, Ford had announced its plans to invest Can$500 million (US$376 million) in Canada to create 300 research and engineering jobs amid its drive to connect cars to the internet.
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