[YesAuto News] Following Didi, Meituan, AutoNavi, and Ctrip, the domestic online car-hailing market ushered in new entrants. On September 27, 2018, Ford Smart Mobility Co., Ltd. (a wholly-owned subsidiary of Ford Motor Company) and Zotye Automobile Co., Ltd. (Zotye Automobile) signed a final joint venture agreement in Shanghai. Both parties invested 50% to form Zotye Ford Smart Travel Technology Co., Ltd.
Jim Farley, Executive Vice President and President of Global Markets, Ford Motor Company, and Ying Jianren, Chairman of Tieniu Group (Zhongtai Automobile Holdings), attended the signing ceremony. Ford Motor Company Group Vice President and President of Asia Pacific Region Fu Lide ( Peter Fleet) and Zotye Automobile Chairman Jin Zheyong signed the agreement as representatives of all parties.
It is reported that the new joint venture has a registered capital of 20 million U.S. dollars and is located in Hangzhou, Zhejiang. It will take the lead in developing business in the online car-hailing market in Zhejiang Province, and will gradually expand to other provinces and cities. The new joint venture will provide China's online car-hailing operators and online car-hailing drivers with customized services, including pure electric vehicle leasing, fleet management solutions, intelligent networking and in-vehicle infotainment services. The formal establishment of the new joint venture is yet to be approved by relevant Chinese government agencies.
Ford said that according to the joint venture agreement, the pure electric mid-size vehicle Zotye Z500EV will be used as the first model for online car-hailing operators and drivers to rent. Infotainment system and intelligent network connection function.
As early as May 2 this year, Ford Motor and Zotye Motors planned to invest 50% each to form a new joint venture. Ford Motor also responded in an interview that the number of online car-hailing in China will increase at an average annual rate of 19%. , The scale of 26 million vehicles will be formed by the end of 2022. The cooperation between Ford and Zotye is to see the booming trend of China's online car-hailing market. To this end, it will strengthen cooperation with governments across China to support the development of local integrated transportation solutions, covering data interconnection and software system technologies to reduce traffic congestion and improve transportation experience.