Shanghai (Gasgoo)- The establishment work of the joint venture Zotye Ford has been going well, and the program is expected to receive regulatory approval in the second half of this year, according to Peter Fleet, Group Vice President and President, Ford Asia Pacific.
What’s more, the head also revealed that Ford will invest 11 billion dollars in vehicle electrification by 2022, the majority of which will be for the development of electric vehicles in China.
Last November, Ford Motor and Zotye entered into agreement to set up joint venture and each company holds 50 percent stake of Zotye Ford joint venture. Located in Jinhua, an important economic region in Zhejiang province, the joint venture is to produce affordable all-electric vehicles. The new factory, with a total investment of RMB 5 billion, will start production in September, 2019. The annual production capacity will be up to 300,000 units while the first phase can produce 100,000 units.
In 2020, the American automaker will produce electric vehicle powertrain system in China and will supply comprehensive electrification solution for Chinese customers by 2025, the company said in its China Electrification Strategy released in last April.
Ford will provide electric vehicle products in different segments via the three brands, Ford brand, Lincoln brand and Zotye Ford. To expand its electric vehicle portfolio in China, Changan Ford will start manufacturing the Mondeo Energi plug-in hybrid this year.
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