Electronics

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

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

The two firms confirmed the establishment of the Zotye Ford Automobile Company joint venture, which will design, build and distribute all-electric passenger vehicles for China, Ford said in a statement.

Ford Motor and China's Anhui Zotye Automobile have agreed to invest a combined $756 million to set up a 50-50 joint venture in China to build electric passenger vehicles, both companies said on Wednesday. Since the vehicles are manufactured locally in China and exist under a Chinese brand, this partnership eliminates the large import duty that would exist if they were manufactured overseas or by Western companies locally.

The joint venture will build a plant in Zhejiang province with an annual production capacity of 100,000 cars when completed, and establish its own research and development center. The all-electric vehicles produced by the JV will be sold under a new Chinese brand created to meet Chinese consumers' aspirations for electric vehicles. The joint venture will also explore new ownership models such as vehicle sharing and auto pooling. China will also inflict a quota necessitating automakers to manufacture a minimum number of new - energy transports in 2019. In the first 10 months of the year, Zotye sold 22,500 vehicles, a more than 14 percent year-over-year increase.

Qatar Foundation to sell 5% in Airtel
Qatar Foundation's Three Pillars Pte affiliate won't own any shares in Bharti Airtel after the sale, the terms show. The QFE Group will reinvest the proceeds globally, as we continue to grow and diversify our portfolio.

The US carmaker announced earlier this year that at least 70 percent of Ford-branded vehicles sold in China will offer electrified powertrain options by 2025.

Ford and Zotye are also said to be working on mobility solutions in China, expanding on Dearborn's efforts here at home.

Peter Fleet, Ford's Asia-Pacific president, will be meeting with President Donald Trump and China's Xi Jinping later this week to discuss the deal.


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