Asian Tech Press (Sep 26) -- American automaker Ford Motor Co (F: NYSE) has launched an independent company to run its electric vehicle business in China.

Ford has officially announced that it has launched an independent company, Ford Mach-E Technology Co. (FMeT), to run its electric vehicle business in China and accelerate its electrification transition in the country.

The company said in a statement Monday that FMeT is the first independent entity set up by a foreign car brand in China to focus on the development and operation of smart electric vehicles, demonstrating Ford's determination to accelerate the development of its electric vehicle business in China.

Public information shows that FMeT is a joint venture based in Nanjing, with Ford China holding 81.2030% and a state-owned enterprise holding 18.7970%.

In March this year, Ford formally announced the split of its automotive business unit, creating Ford Blue and Ford Model e, together with the new Ford Pro business, to accelerate the company's global transition to electrification and intelligence.