Ford launches electric car joint venture with China's Zotye

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. “Zotye Ford will introduce a new brand family of small all-electric vehicles,” Ford group vice president Peter Fleet said in the statement. “We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers.” The JV deal was signed during Trump’s visit to China as the two countries inked commercial deals worth about $9 billion, Reuters reports. Ford and Zotye will also explore offering mobility services to consumers in China.