Electric auto JV set for bright future

Jin Zheyong of Anhui Zotye Automobile and Peter Fleet of Ford Motor Company

"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", Peter Fleet, Ford group vice president and president, Ford Asia Pacific, said in a statement.

Ford and China's Anhui Zotye Automobile Co. Ford said it would unveil more details about the brand name and products later.

"The MoU between Zotye Auto and Ford opens the door for us to explore our cooperation in the development of clean energy vehicles", said Jin ZheYong, chairman and president, Anhui Zotye Automobile Co., Ltd.

It looks like Ford Motor Company (NYSE:F) is getting into the electric vehicle market in China.

A report published in July by Bloomberg New Energy Finance projected that sales of EVs will remain low until about 2025 before reaching an inflection point by 2030 as EVs "become economical on an unsubsidized total cost of ownership basis across mass-market vehicle classes".

China is doing a lot to boost electric vehicle adoption in the country, including adjusting the rules for automakers in terms of how much of their total output must be EVs.

Could electric cars reduce China's smog?

The vehicle - the Baojun E100 - is made in China by a joint venture between GM and China's SAIC and Wuling Motors.

More information about the 50-50 joint venture and the indigenous brand the two companies would start will be released at a later date, Ford said, pending a final definitive agreement and regulatory approval.

Globally, Ford is in the midst of a $4.5 billion investment in electrification that will result in 13 new electrified vehicles in the next five years.

Ford's not alone in building new JVs in China focused specifically on electric: Volkswagen announced plans to create its own third venture with a Chinese partner earlier this year, with production to begin in 2018.

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