Ford announces a $756 million investment with its Chinese joint venture Zotye

Ford announces a $756 million investment with its Chinese joint venture Zotye

This national movement is now bolstered by a new partnership between Ford and Chinese automaker Zotye.

The American multinational automaker company Ford Motor announced on 8 November about the investment of Dollars 756 million along with its Chinese joint enterprise to fabricate electric cars, just as US President Donald Trump came to Beijing for thorny trade talks. Ltd which will be equally owned by both companies.

Ford's investment with Zotye comes as China has signalled it plans to force gas-guzzling vehicles off the road, though the country has yet to lay out a formal timeline for the new regulations. It also will establish a product research and development center and will operate a sales and services network. Together, they will create a brand new line of electric vehicles (EV) specifically for Chinese citizens.

Ford and Zotye will also explore offering mobility services to consumers in China as local demand for such solutions continues to grow. The U.S. automaker is already partnered with Chongqing Changan Automobile Co. and Jiangling Motors Corp.

You can now have BREAKFAST at Tiffany's, and we're booking a flight
Meanwhile, the prix-fixe lunch, at $39, and the Tiffany Tea, at an eye-popping $49, are even more out of Golightly's league. The interior of the Blue Box Cafe was deliberately created to make guests feel like they're dining inside a Tiffany's box.

The new joint venture builds upon Ford's ambitious China electrification strategy.

"Zotye Ford will introduce a new brand family of small all-electric vehicles", Ford group vice president Peter Fleet said in the statement. It also said the government will initiate a pilot program before June 2018 that will relax foreign firms' ownership restrictions for new energy and special use vehicle businesses established in free trade zones. The freshly-minted CEO of Ford, Jim Hackett, was head of the automaker's "smart mobility" unit until he was tapped to lead the company earlier this year.

Ford sold 61,743 imported cars in China in the first 10 months of this year, a 60 percent surge year-on-year.

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