Geely will pay 221 million euros for its 34 percent stake in the jointly operated Valencia factory, the companies confirmed, after Ford and Geely announced a joint venture on Wednesday to produce next-generation vehicles at the Spanish plant.
The joint venture will assume management of the Almussafes facility from 2027, when five models are slated for assembly. The plant currently produces fewer than 100,000 vehicles annually despite a capacity of roughly 500,000 cars per year. New models arriving in 2028 will include a multi-energy crossover developed using Geely's platform and technology, alongside two Geely electric SUVs and a European-market Ford Bronco.
The deal underscores a broader Chinese push into Spanish automotive manufacturing. SAIC Motor announced plans to invest 200 million euros in its first European electric vehicle industrial and logistics centre in Ferrol, in northwestern Spain.