(Yicai Global) Aug. 23 -- US auto stalwart Ford Motor Co. [NYSE:F] hopes to get involved in China's new-energy vehicle market by setting up a joint venture with Chinese NEV maker Anhui Zotye Automobile Co. [HKG:0980] to research, develop, make and sell pure-electric passenger cars and provide related services in the country.
Zotye signed a memorandum of cooperation with Ford Motor China Ltd., the Chinese firm said on Aug. 22.
"Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers," said Peter Fleet, president at Ford Asia Pacific.
China is currently the world's fastest growing market for new-energy vehicles. Ford expects the market to be selling six million vehicles a year by 2025, with around four million of those being pure-electric models.
Headquartered near Mount Huangshan, or the Yellow Mountain, in eastern Anhui province, Zotye was one of the first auto makers in China to produce pure-electric passenger cars. As of July this year, it had sold more than 16,000 pure-electric vehicles, up 56 percent from last year.