Giant automakers Ford Motors and Chinese automobile company Zotye Automobile have reached an agreement that will see them jointly invest around $756 million. The funds will be used to set up a joint venture in China as the duo look to manufacture electric passenger vehicles. The announcement was made by the two companies earlier today.
The new venture will be named Zotye Ford Automobile Co. Ltd, with the two companies to build a manufacturing plant in China where they can manufacture and sell electric cars. The duo is looking to tap into the new booming electric cars sector.
In its statement, Ford stated that “Zotye Ford will introduce a new brand family of small all-electric vehicles,” Ford group vice president Peter Fleet said in the statement. “We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers.”
The venture was signed by the two companies as part of President Trump’s visit to China. The visit will see the two countries sign commercial deals worth roughly $9 billion. The two companies are also looking to invest in the mobility services as the demand for the services in China keeps increasing, Ford added.
Uber to manage flying cars with the help of NASA
Transport service company Uber Technologies Inc. has partnered with NASA in their vision to properly manage flying cars in the future. The company stated that it has already completed plans to launch their vertical take-off and landing (VTOL) network in Dallas and Dubai by the year 2020, with Los Angeles, added to the list of cities earlier today.
The company though faces many regulatory challenges before their plan is approved by the government. The FAA will have to give their approval after they have figured out how flying cars can work side by side with airplanes, helicopters, and drones in the sky.
Uber though has taken a step forward as they signed an agreement with NASA yesterday, with the two bodies partnering to develop new traffic models that will make it possible for robotic flight systems to be safe and efficient. The announcement was made by uber.
The chief product officer of the company Jeff Holden stated during an interview with Bloomberg that, “This collaboration makes a ton of sense in order to bring this to market as fast as possible.” He further stated that the expertise of NASA is in the unmanned aerial systems traffic management and it will be crucial to controlling air traffic.