Reuters: Ford Motor terminates electric vehicle plans with China’s Zotye
Thu February, 2021, Age: 3 years
Ford Motor Company announced Thursday that it had terminated its joint venture partnership with China’s Zotye Automobile company. The company cited changes that have occurred to China’s electric vehicle industry and government policies since the joint venture was formed in 2017 but did not specify which changes had prompted the decision. It is possible that Ford is reacting to a more competitive landscape in the Electric Vehicle (EV) market in China, with Tesla and China’s up-start company Nio seizing an ever larger market share. Ford said that it would seek a more “flexible business model in China” that would take advantage of the company’s existing in-country operations. The joint venture was valued at $756 million when signed.