Ford Motor Co F on Monday rolled out the first units of the locally-built Mustang Mach-E electric vehicle from its Changan manufacturing plant in Chongqing.
What Happened: The Dearborn, Michigan-based automaker said delivery of the five-door electric crossovers would begin by the year-end.
Ford would sell the Mach-Es in China through its direct sales network. The automaker plans to launch 25 stores in key cities by the end of this year and 100 more stores within five years.
Changan Ford is a joint venture between state-owned Changan Automobile and Ford that focuses on making cars for the local market with the U.S.-based automaker’s badging.
For the U.S. and the European market, Mustang Mach-E vehicles are currently built at a plant in Mexico.
Ford said customers in China can now book the vehicles and avail key benefits — vehicle and battery system warranty, free roadside assistance, new retail finance and replacement plan, and referral bonus — if they pay a deposit before the end of the year.
Why It Matters: Mustang Mach-E is Ford’s first all-electric crossover named after the iconic Mustang. The legacy automaker is expected to begin commercial production of F-150 Lightning — the electric version of its best-selling truck next year.
See Also: Ford Sees 9% Sequential Rise In Sales Of Mustang Mach-E EVs In September, Ramps Up Production
Ford has been taking a major leap to switch to a fuller electric vehicle portfolio after competition from market leader Tesla Inc TSLA and similar plans from rival traditional automaker General Motor Co GM.
The legacy automaker had earlier this year said it would spend $30 billion by 2025 under a turnaround plan toward electrification. Ford expects 40% to 50% of its global vehicle volume to be fully electric by 2030.
In China, homegrown electric vehicle startups like Nio Inc NIO also present tough competition for GM and Ford.
Price Action: Ford shares closed 0.89% lower at $15.56 a share on Monday.
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Photo: Courtesy of Ford
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