BEIJING (AP) -- Ford Motor Co. is launching a venture with a Chinese partner to develop electric vehicles for sale in China, the biggest market for the technology.
The announcement Wednesday of the $750 million venture with Anhui Zotye Automobile Co. adds to rising investment by global automakers in China's growing electric vehicle industry.
Zotye already has its own electric vehicle business and said sales in the first 10 months of this year were up 14 percent over a year earlier at 22,500.
Ford said previously it planned to offer electric versions of 70 percent of its models sold in China by 2025.
Mercedes Benz makes electric cars with a Chinese partner and other global brands including General Motors Co. and Volkswagen AG have announced or are exploring similar ventures.