Media: Ford and Chinese Zotye will open a joint venture in China

BEIJING, may 5. /TASS/. American automobile company Ford and the Chinese company Zоtye agreed to create in China a joint enterprise. On Saturday reported the news Agency “Xinhua”.

“Automakers Ford and Zоtye will create a joint venture to produce cars for the Chinese market”, – stated in the message.

The authorized capital of the future company will make $20 million in U.S. and Chinese automakers will receive 50% of its shares. Production of cars will be carried out in the territory of Zhejiang province (East China).

At the end of 2017, the automaker Ford announced the creation from Anhui Zotye Automobile joint venture to manufacture electric cars for the Chinese market. The plan provides for the issuance by 2025 15 different models.

Ford is one of the largest automakers in the world. In 2017, the Corporation sold in the Chinese market of about 1.2 million vehicles.