Ford and Geely announced a joint venture on Wednesday to produce next-generation vehicles at Ford's factory in Almussafes, Valencia, with Ford holding a 66% stake and Geely the remaining 34%.
The partnership will produce three Ford multi-energy models — including a new crossover and a new Bronco variant — alongside two fully electric Geely SUVs for the European market, with output targeted to begin in 2028. The Valencia plant will continue manufacturing the Ford Kuga.
The agreement will be formally signed on Thursday in the presence of Ford Europe President Jim Baumbick and Spanish Prime Minister Pedro Sánchez, alongside the announcement of a 100-million-euro government aid package under Spain's RED mechanism.