Ford and Geely launch joint venture to revive Valencia plant

Ford Motor Company and China's Geely Auto have created a 66‑/34 % joint venture to operate the Ford assembly plant in Almussafes, Valencia. The new company will start up in the first half of 2027 and is slated to roll out its first new models in 2028. Production will expand from the sole Ford Kuga to up to five vehicle models – a Europe‑specific Bronco SUV, a multi‑energy crossover developed jointly, and two fully electric Geely SUVs (the E2 and E5). The plant, capable of about 500,000 units a year, has been under‑utilized; the partnership aims to maximise capacity, cut costs and secure jobs in the region. Geely has invested €221 million for its 34 % stake, valuing the venture at roughly €650 million, and the arrangement also helps the Chinese maker avoid EU tariffs on imported electric cars.