Ford inks $765 million deal to build electric vehicles in China

Ford inks $765 million deal to build electric vehicles in China
Ford has agreed to a $765 million joint venture with Chinese car manufacturer Zotye Auto to build electric vehicles in China, CNET reports . Each company has a 50 percent stake in the effort, though the Chinese government still needs to approve the deal. Once complete, they will build the cars in China’s Zhejiang Province. The combination of these two companies is a result of a mandate from the Chinese government that requires foreign manufacturers to strike up partnerships with local ones in order to build cars domestically. And considering China recently put extra hurdles in the way of building cars that run on fossil fuels (as opposed to an outright fossil fuel ban, like some other countries), EVs are a natural place for the joint... Continue reading…

November 9, 2017 at 08:46AM