Ford Signs MOU with China Zotye on Electric Passenger Vehicle JV

SHANGHAI, Aug. 23 (SMM) - US Ford said Tuesday it signed a memorandum of understanding (MOU) with China Zotye Automobile, looking to constructing a joint venture in China.

The JV will focus on passenger vehicle. Each of the two parties will hold a 50% stake in the JV.

Zotye sold over 16,000 electric vehicles in the first seven months of the year, up 56% year-on-year. 

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