Ford and Geely Form Joint Venture at Valencia Plant
Ford and Geely have agreed to create a manufacturing joint venture at Ford's underused Valencia plant in Almussafes, Spain. Ford will own 66% of the venture, while Geely will hold 34% after paying approximately €221 million. The partnership aims to produce five vehicle models, including Ford's Kuga, a new Bronco, a multi-energy crossover, and two Geely electric SUVs. Production is expected to begin in late 2028 for Ford's crossover and 2029 for Geely's models. The plant, with an annual capacity of 500,000 vehicles, has been operating at around 30% capacity, with output falling below 100,000 vehicles by 2025. Ford Europe's market share dropped to 2.2% in June 2026, trailing Chinese competitors. The deal provides Ford with cost relief and access to Geely's EV expertise, while Geely gains a European manufacturing base to navigate EU tariffs and local content rules.
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