Shanghai (Gasgoo)-On Dec. 7, Zotye and Ford held a signing ceremony for all-electric passenger vehicle production base at the People's Great Hall of Zhejiang Province. During the ceremony, both parties signed an investment agreement of RMB 5 billion (around $756 million). Besides, their new JV, Zotye Ford Automobile Co., Ltd. officially established a manufacturing plant in Jinhua Development Zone, Zhejiang Province.
The new plant is designed to produce 300,000 vehicles annually, and its first phase is expected to achieve an annual production capacity of 100,000 units. It is expected that the new plant will be officially put into production in September, 2019.
The signing ceremony is the symbol of a new development stage for Zotye Auto and Ford. The two companies had made several efforts in cooperation for a long time. On Aug. 21, they signed a MoU on pure electric passenger vehicle cooperation in Hangzhou. On Nov. 8, they announced in Beijing that they reached a deal to establish a JV, aiming to develop and manufacture a range of stylish and affordable electric passenger vehicles.
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