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Financial times today. Ford playing catch up.

Ford in talks to launch fully electric cars in China

   
August 22, 2017 8:51 am by Peter Campbell
Ford is in talks to launch fully electric cars for the Chinese market as the US carmaker plays catch up to international rivals in the race to develop battery vehicles.

The company has signed a memorandum of understanding with Anhui Zotye Automobile, a major manufacturer of zero-emission all-electric vehicles in China, to discuss forming a joint venture to develop and sell electric cars in the market.

The cars will be under a completely new brand indigenous to the market.


China is the world’s largest market for electric cars, driven by the government incentives designed to help rid the country of its air pollution problem. The number of fully electric cars – which do not have a petrol or diesel engine – sold in China is expected to reach 4m by 2025.

Although it is already working on the technology, Ford is later than key US rival General Motors to the electric car race, with GM already selling a long-range family car, the Chevrolet Bolt, in the US.

The company ousted chief executive Mark Fields recently and installed Jim Hackett, the boss of Ford’s future technology business, as chief executive.

Ford has already announced it will launch 13 electric or hybrid vehicles globally in the coming five years following a $4.5bn investment in the technology. The company wants 70 per cent of the cars it sells in China to by electric or hybrid by 2025.

Peter Fleet, Ford president for Asia Pacific, said: “The potential to launch a new line of all-electric vehicles in the world’s largest auto market is an exciting next step for Ford in China.”

Zyote is the market leader in China’s all-electric small vehicle segment. It sold more than 16,000 all-electric vehicles through July this year, representing growth of 56 percent year-over-year.


Jin ZheYong, Anhui Zotye chairman and president, said: “This presents us with an exciting opportunity to leverage each other’s strengths in achieving a win-win situation for both parties’ growth in the fast-evolving Chinese electric vehicle market.”