Ford betting 'very heavily' China will dominate the electric vehicle market

Ford betting 'very heavily' China will dominate the electric vehicle market

Ford Motor Co.is promising to roll out more than 50 new vehicles in China over the next eight years including 15 powered by electricity as it restructures its business and responds to a government push for cleaner air by making all new vehicles electric.

Ford Motor Co. will launch 50 new vehicle models in China by 2050, the USA carmaker said in a statement on its China growth plan Tuesday, after a year of lackluster performance in the world's second-largest economy.

Ford recently announced a $756 million joint venture with Chinese auto firm Zotye Auto to produce and sell electric vehicles in Beijing. "Some of our most advanced manufacturing and innovation facilities are here in China", said Peter Fleet, group vice president and president, Ford Asia Pacific.

The Ford Motor Company logo is pictured at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. "We are very excited to see this vision come to life in China", he said. Ford said it will continue to work with China-based internet company Baidu Inc.to develop driverless cars.

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Ford's announcement comes at a time when foreign automakers, encouraged by policy changes in China, are rushing to grab a share of the country's burgeoning electric vehicle market.

Ford has so far been lagging behind in the introduction of all-electric vehicles as one of the major automakers.

"I do think electric vehicles make sense. We now have a chance to expand our presence in China and deliver even more for customers, our partners and society".

— Ford says it will assemble five additional vehicles in China for customers there including a Lincoln SUV and Ford's first global all-electric SUV. It's been through two serious overhauls since its debut to ensure it meets expectations.

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