Another Win for Lithium as Ford Prepares to Launch Fully Electric Cars in China
US automaker Ford (NYSE:F) is set to fully launch electric cars for the Chinese market as it fights for a place in the surging electric vehicle (EV) market.
The company has agreed to form a joint venture with China’s Anhui Zoyte Automobile (SZSE:000980) to create a new brand that will design, build and sell all-electric cars in the Asian country, Ford said in a statement on Tuesday (August 22).
“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,” said Peter Fleet, Ford’s president for the Asia Pacific region.
China is the world’s fastest-growing market for alternatively fueled vehicles, and Ford predicts demand in the country will hit 6 million units a year by 2025.
The potential joint venture with Anhui Zotye, a leader in Chinese electric car market, would represent a deepened commitment to EVs in China. The company sold 16,000 EVs from January to July of this year, which represents year-on-year growth of 56 percent.
“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,” commented Jin ZheYong, Anhui Zotye chairman and president.
Ford is trying to catch up with its rivals in the EV space, such as Volkswagen (FWB:VOW), Volvo (STO:VOLV) and BMW (ETR:BMW). Those companies are on track to electrify all their models by the end of the decade.