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Ford Smart Mobility and Zotye to form new JV to provide ride-hailing solutions

SHANGHAI – Ford Smart Mobility LLC and Zotye Auto signed a memorandum of understanding (MOU) on May 2 to establish a new 50:50 joint venture with a registered capital of $20 million to provide smart, customized all-electric vehicle solutions to fleet operators and drivers in China’s fast-growing ride-hailing market.

In China’s ride-hailing market, many operators are looking to expand their fleets with electric vehicles. According to Boston Consulting Group, China’s ride-hailing market is expected to grow by 19 percent annually through 2022, with an overall fleet size potentially reaching up to 26 million vehicles.

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