The Detroit automaker said Tuesday that the 15 new electric vehicles, part of the 50 new vehicles it is introducing to China's massive market in the next 18 years, will be Lincolns and Fords.
Ford has signed an agreement with China's Anhui Zotye Automobile to set up a 5 billion-yuan ($755.6 million) electric passenger vehicle joint venture in China.
General Motors Co. has said that it plans to make all its new vehicles in China either hybrid or fully electric by 2025.
The Ford Motor Company logo is pictured at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. "The progress we have achieved in China is just the start". "Ford's aspiration is to become the world's most trusted mobility company, designing smart vehicles for a smart world".
McDonald's Corporation (MCD) Holdings Reduced by Patriot Financial Group Insurance Agency LLC
It also upped Alibaba Group Hldg Ltd Sponsored Ads Isin#Us01609w1027 (NYSE:BABA) stake by 570 shares and now owns 4,835 shares. McDonald's accounts for 1.2% of Birinyi Associates Inc.'s holdings, making the stock its 18th largest position. (NASDAQ:WDAY).
The company also outlined its planned shift toward smart vehicles, saying that all new Ford and Lincoln vehicles in China will be connected to the internet by the end of 2019. "Producing more vehicles for China locally allows us to improve the benefits for our customers, our partners and our bottom line". But looking further into the future, Ford will need to shake up its model offering to align with China's automotive tastes; tastes that, thanks to the enormity of the country's car-buying market (28.03 million auto sales in 2016 alone) are already starting to dictate the types and styles of vehicles that companies offer globally. They still don't have an all-electric vehicle build from the ground up to be electric and they instead focus on hybrids and compliance EVs.
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.
Ford is making significant investments in the Chinese market.