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Ford to Create New Brand of Electric Cars in China, GM Sells $5,000 Electric Car
"Ford announced plans on Tuesday to form a new joint venture with Anhui Zotye Automobile Co., a Chinese brand that specializes in all-electric vehicles.
Ford and Zotye are exploring a 50:50 partnership to produce a line of electric vehicles. Ford said the cars would be sold under a new brand, but did not offer additional details.
China already accounts for 40% of all electric cars sold worldwide, according to the International Energy Agency. Zotye, which does not produce gas or diesel cars, sold more than 16,000 electric vehicles through July this year — a 56% increase from the same period in 2016.
Bill Russo, managing director at Gao Feng Advisory Company, said Ford is the first global automaker to partner with a local firm that exclusively produces electric cars."