Geely Auto will build two electric SUVs at Ford’s Valencia plant in Spain starting in 2028, as part of a new joint venture that will be 63% owned by Ford and 34% by Geely, according to multiple reports. The partnership aims to help both companies overcome challenges posed by upcoming European Union legislation mandating local content in electric vehicles.
Key Takeaways
Geely Auto will build two electric SUVs at Ford's factory in Spain under a new joint venture. The first Geely brand electric SUVs will roll off the Valencia plant’s production line in 2028, with Ford owning 63% of the joint venture and Geely holding 34%. This partnership aims to help both companies overcome challenges posed by upcoming EU legislation mandating local content in electric vehicles. The deal is expected to create jobs and leverage Ford's underutilized factory space.
- Geely Auto will build two electric SUVs at Ford’s Valencia plant starting in 2028.
- Joint venture will be 63% owned by Ford and 34% by Geely, with the first vehicles scheduled to roll off the line in 2028.
- The partnership aims to help both companies meet upcoming EU local content rules for electric vehicles.
- Deal expected to create jobs and leverage Ford's underutilized factory space.
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▼Source Claims Check
High ConsensusAll 4 publishers report consistent facts across 2 key claims.
| Claim | Status | Reason | |
|---|---|---|---|
| Ownership Percentage | Broad Agreement | Ford owns 63% and Geely holds 34% | |
| Production Start Date | Broad Agreement | Production is scheduled to start in 2028. |
Ownership Percentage
Broad AgreementFord owns 63% and Geely holds 34%
Production Start Date
Broad AgreementProduction is scheduled to start in 2028.
This analysis is AI-generated and may not perfectly represent each source's reporting. Always read the original articles for full context.
The first Geely brand electric SUVs will roll off the Valencia plant’s production line in 2028, with Ford's existing workforce becoming employees of the new joint venture. The plant is expected to require more employees as production ramps up, according to Ford's European head Jim Baumbick. Geely does not plan on bringing any workers from China, its Senior Vice President Victor Yang added.
The deal helps both companies overcome formidable challenges. Chinese automakers are racing to find available space in factories on the continent to make their vehicles ahead of upcoming EU legislation that will have a “Made in Europe” clause, mandating minimum local content in electric vehicles. Spain is a popular choice among Chinese automakers because it is Europe's second-largest car-manufacturing country after Germany and has lower labor and energy costs.
Unions were cautiously optimistic about the deal, as long as promises of creating jobs and engaging with local suppliers are fulfilled, said Juan Jose Picazo, secretary-general of the CCOO industrial union. The Chinese need for production lines in a hurry is a boon for traditional automakers like Ford with plenty of unused factory space.
How this summary was created
This summary synthesizes reporting from 4 independent publishers using AI. All sources are cited and linked below. NewsBalance is a news aggregator and media literacy tool, not a news publisher. AI-generated content may contain errors or inaccuracies — always verify important information with the original sources.