(Yicai Global) Sept. 28 -- Ford China has set up a new subsidiary to independently run the US carmaker’s electric vehicle business in China as the firm speeds up its shift to EVs in the country.

Ford Mustang Mach Technology will focus on the research, development, and operation of smart EVs, its parent company said via WeChat on Sept. 26, adding that it is the first independent EV development and operation company set up by a foreign automaker in China.

With USD665 million of authorized capital, the Nanjing-based unit’s business scope covers the production and sales of vehicles, auto parts, and accessories, according to registration information updated on Sept. 19. Ford China owns 81.2 percent of the unit and Nanjing Jiangning Economic and Technological Development Group the rest.

Up until now Ford has managed its electric vehicle interests in China through a business department, opening 106 sales outlets in 43 cities.

Ford split its EV and fuel vehicle business in two in March to accelerate its strategic transition. Along with its commercial vehicle division, the three subsidiaries will operate independently and be self-financing by next year.

Ford ranked second for EV sales in the United States last month, behind Tesla. Ford sold 3,120 Mustang Mach-E vehicles, up 115 percent from a year ago. But Ford sells only about 600 of the vehicles a month on average in China.

Ford has said it plans to invest more than USD50 billion in its EV business and innovative technologies worldwide from this year through 2026. The carmaker is expected to produce over 2 million EVs a year globally by 2026, and EV sales will account for half of its total by 2030.

Editor: Peter Thomas