The Mustang Mach E, Ford‘s electric vehicle model, has begun the Chinese factory’s production process. Ford is doing this in a bid to tap into the nation’s electric vehicle (EV) market. Ford is an American car manufacturer headquartered in Michigan, […]
The Mustang Mach E, Ford‘s electric vehicle model, has begun the Chinese factory’s production process. Ford is doing this in a bid to tap into the nation’s electric vehicle (EV) market. Ford is an American car manufacturer headquartered in Michigan, Detroit. The Mach E brand is Ford’s first all-electric brand. The company aims to support China’s economic recovery. It also plans to back China’s ambitions to have more EVs on its roads. The Mustang E is an electric SUV (sports utility vehicle). It will increase Ford’s car sales in the Chinese market, which have been very poor. Producing the SUV locally will connect the carmaker to the Chinese customers and hopefully increase the sales.
The first made-in-China car by Ford was released in 2020, the Lincoln brand. Lincoln is a little fish in China, with a lot of competition from other big brands. China is the largest consumer in the automotive industry. The country sells about 20 million cars annually. American manufacturers have been eyeing the Chinese market for a while, with EV sales projected to skyrocket in the Asian nation. Tesla started supplying its Chinese customers with the Model Y from its Shanghai factory, where production is ongoing. Volkswagen has revealed two Chinese factories where the production of its EV brands will take place. Local customers will source the company’s EVs from the local factories.
Daimler, the German carmaker, is also tapping into the Chinese market. The company recently posted their results for the 2020 financial year, which they described as ‘too good to be true.’ China was among the top markets that contributed to Daimler’s comeback in the global car market. Faraday Future (FF), a car manufacturing company founded by a Chinese tycoon called Jia Yueting, has partnered with China’s Geely and other investors to produce an electric vehicle. Yueting unveiled plans to make the luxury car back in 2017. This plan failed after Yueting experienced financial shortages. He filed for bankruptcy in 2017, which halted the progress of this project.
Recently, Faraday Future revealed a new collaboration that will see a new project to revive the EV model known as FF91. This project will cost approximately $1 billion. Geely, the Chinese automaker, will be the manufacturer of this EV. Yueting stepped down as Faraday Future’s CEO in 2019. Former BMW expert Carsten Breitfeld took over as the CEO. He is on the verge of finalizing a merger with Special-Purchase Acquisition Company (SPAC), which will see the company’s return to the EV market.https://newsinpaphos.com/