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The new Ford Mustang is displayed during the first day of the 17th Shanghai International Automobile Industry Exhibition in Shanghai on April 19, 2017.
Ford believes China is poised to become the most favorable market for the development and sale of electric vehicles, according to the U.S. auto giant’s executive chairman.
“I do think electric vehicles make sense. For a lot of reasons it’s a good way to go around the world and so I am a big believer in it … We are betting very heavily in it,” Bill Ford, executive chairman at Ford Motor Company, told CNBC Wednesday.
Speaking on the sidelines of Fortune’s Brainstorm Tech International conference in Guangzhou, China, Ford said, “The entire Ford nameplate will be electrified by 2025 here.”
Ford recently announced a $756 million joint venture with Chinese auto firm Zotye Auto to produce and sell electric vehicles in Beijing. The U.S. auto company plans to have at least 15 models ready by 2025.
Ford’s investment joins the like of General Motors, Daimler and Volkswagen as major manufacturers increasingly look to develop an aggressive electric vehicle strategy in the world’s second-largest economy.
