- Ford executive chairman William C. Ford Jr. said China will be the best market to develop and sell electric vehicles.
- The Chinese and Beijing governments are making investments and regulations that encourage electric vehicle production.
- Ford’s research also found that Chinese consumers are less fearful of the potential problems electric cars could introduce than some of their international counterparts.
Once criticised for their lack of innovation, American car companies are making heavy investments in electric and autonomous cars. But Ford executive chairman William C. Ford Jr. thinks China will be the most promising market for the development and sale of electric vehicles, according to the New York Times.
“It’s clearly the case that China will lead the world in E.V. development,” Ford Jr. said on Tuesday while speaking in Shanghai.
This may explain why Ford recently announced a $US756 million joint venture with Chinese auto company Zotye Auto to produce and sell electric cars in China. Ford hopes to have 15 models ready by 2025.
Ford is not the only car manufacturer developing an aggressive strategy in China, as General Motors, Daimler, and Volkswagen are making similar investments. They have been encouraged by China and Beijing’s governments, which have put significant resources behind electric vehicle manufacturing and have introduced regulations that mandate car companies sell a greater proportion of electric and hybrid vehicles or get shut out of the world’s biggest car market.
Car manufacturers may also find consumers who are more willing to make the switch from gas to electric-powered vehicles. Ford has indicated its market research points to a consumer base that is less pessimistic about how far electric cars will be able to travel per charge, among other potential concerns.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.