SHANGHAI -- Ford Motor Co. has decided to terminate plans to launch electric vehicle joint ventures with China's Zotye Automobile, the U.S. automaker said on Thursday.
It said China's electric-vehicle industry and government policies had undergone major changes since the agreements were signed in 2017 and 2018, prompting the decision. Ford didn't specify which changes triggered its move.
Last week, Ford said its China joint venture with Chongqing Changan Automobile Co. would start making all-electric Mustang Mach-E vehicles.
In a statement on Thursday, Ford said it would pursue a more "flexible business model in China" that would see it utilize its existing operations in the country and elsewhere, and build related business centers.