U.S. transportation company Ford Smart Mobility, a wholly-owned subsidiary of Ford Motor Company, and Chinese automotive manufacturer Zotye Automobile (Zotye Auto) have signed the final contract for a 50:50 joint venture (JV).
The contract will work on providing tailored intelligent electric vehicle mobility solutions for ride-hailing service providers and drivers.
Involving a registered capital of $20 million, the new joint venture will be located in Hangzhou, capital of Zhejiang province.
The joint venture plans to develop ride-hailing businesses in Zhejiang market first and then gradually move outward.