Ford, Zotye to invest 5b yuan in China electric cars

Beijing

FORD Motor Co and partner Anhui Zotye Automobile Co will invest five billion yuan (S$1.03 billion) to make and sell small electric cars in China as vehicle makers step up investments in low-emission vehicles in the world's biggest car market.

Ford and Zotye plan to build a new manufacturing facility in Zhejiang province and the vehicles will be sold under a new Chinese brand, the US carmaker said on Wednesday.