CHANGCHUN, May 5 (Xinhua) -- U.S. auto maker Ford and its Chinese counterpart Zotye have agreed to establish a joint venture specifically to participate in the car-hailing market in China.
The joint venture will have registered capital of 20 million U.S. dollars, with Ford and Zotye each having 50 percent of the shares.
The company, to be located in east China's Zhejiang Province, will begin business in Zhejiang first, before expanding to other provinces and municipalities.
In late 2017, Ford announced a joint venture with Anhui Zotye Automobile to produce and sell electric cars in China, with plans to launch 15 models by 2025.
Ford is one of the world's biggest auto makers. In 2017, it sold nearly 1.2 million vehicles in China. Zotye is a pure electric car maker. It sold about 36,000 vehicles in 2017.
