Ford, Zotye Sign $756 Million Electric-Vehicle Deal
Ford Motor Co. and China’s Anhui Zotye Automobile have agreed to set up a joint venture to build electric passenger vehicles in China.
The news, announced Wednesday, comes two months after the pair said they intended to form the venture.
The total investment is estimated at 5 billion yuan ($756 million) and both partners have a 50% stake in it.
Once Chinese regulators sign off on the deal, the new venture — Zotye Ford Automobile Co. Ltd. — will open a new manufacturing plant in Zhejiang province and produce all-electric vehicles under a new Chinese brand name.
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