“2021 is our year of action. We’re executing our plan and we’ll continue to do that so every business in our portfolio has a sustainable future. If not, we will restructure it.” Farley told CNBC in an interview on Wednesday.
Ford signed a deal with Chinese manufacturer Zotye
Additionally, Ford collaborated with Chinese car manufacturer Zotye. The two companies first signed a deal in 2017 and finally finalized it on February 3rd of 2021. Ford and Zotye will launch electric vehicle joint ventures.
“Considering significant changes occurred in recent years in China’s pure electric vehicle industry and relevant policy which makes it impossible to implement the BEV JV and the Smart Mobility JV proposed to be jointly established by Ford and Zotye Motor, Ford China has decided to terminate the relevant JV contracts with Zotye Auto.” said a statement by Ford.
As of this writing, Ford only has one all-electric vehicle that is Mustang Mach-E. The all-electric Mustang will be available late summer of this year. However, the company has announced that it’s planning to electrify more cars including its Transit van.
