Sales of hybrid and pure electric vehicles in China have grown by 50 per cent over the last year, and the fact that other manufacturers like Mercedes-Benz, General Motors and Volkswagen have already partnered with Chinese manufacturers to produce EVs in China is a clear indication of the EV boom that the Chinese auto industry is likely to witness in coming years.
Wanting a piece of the same pie, Ford Motor Company recently announced that it will be entering into a joint venture with Anhui Zotye Automobile Co. of China to develop electric vehicles for sale in the country. Being an 50:50 joint venture, the two companies will invest a total of $756 million. The two manufacturer are likely to set up a new factory in Zhejiang province with vehicles produced from the plant likely to be sold under a new Chinese brand.
