It seems that the reign of the combustion engine is nearing its final curtain call as automotive manufacturers are investing heavily on the development of all-electric cars.
Ford is among the many auto manufacturers that sees electric cars as the future of mobility. As such, the blue oval brand signed a Memorandum of Understanding (MoU) with Chinese company Anhui Zotye Automobile Co., Ltd. (Zotye Auto).
The MoU intends to establish a joint venture for the “development, production, marketing, and servicing” of a new line of all-electric passenger cars in China. The electric cars produced is said to be sold under an indigenous brand owned by the Ford and Zotye Auto’s joint venture. However, details about the brand are yet to be announced.
Ford handpicked China because their study state that it is the fastest-growing market in the world for new energy vehicles (NEVs). The American automaker estimates that the NEVs in China will grow to 6 million units per year by 2025 and approximately 4 million of which will be all-electric vehicles. Ford also announced that 70% of its vehicles sold in China will have electrified powertrain options by 2025.
"The MoU between Zotye Auto and Ford opens the door for us to explore our cooperation in the development of clean energy vehicles. This presents us with an exciting opportunity in achieving a win-win situation for both parties’ growth in the fast-evolving Chinese electric vehicle market.”
This news further highlights Ford’s $4.5 billion (around P230 billion) investment to make electric vehicles. Early this year, Ford confirmed production of more electric vehicles for the U.S. market. Moreover, the American brand is set to produce an all-new full electric compact SUV by 2020 that’s claimed to have a range of 483 km in 1 full charge. This upcoming full electric compact SUV is planned to be sold in North America, Europe, and Asia.
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You can spend the money on that summer outing instead.