Ford, Zotye to Invest $756 Million for China Electric Cars


Ford Motor Co. and companion Anhui Zotye Automobile Co. will make investments 5 billion yuan ($756 million) to make and promote small electrical automobiles in China as automakers step up investments in low-emission autos on this planet’s largest auto market.

Ford and Zotye plan to construct a brand new manufacturing facility in Zhejiang province and the autos shall be bought beneath a brand new Chinese model, the U.S. automaker mentioned in an emailed badertion Wednesday. The three way partnership is equally owned by the 2 firms and the plans require regulatory approval.

Automakers are accelerating investments into electrical autos to satisfy stricter emission and fuel-economy guidelines set to take impact in main markets. China is implementing a cap-and-trade framework subsequent yr that may penalize firms that don’t meet fleet-based limits by means of fines or shopping for credit.

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