Ford Motor Co. has agreed to sell Chinese automaker Geely a 34 percent stake in its Spanish manufacturing business, giving Geely an established European production base, as a senior House lawmaker accused Ford of strengthening a strategic competitor.
Geely will pay 221 million euros ($252 million) for the minority interest in Ford España, according to a July 23 filing with the Hong Kong Stock Exchange. Ford will retain 66 percent of the operation.
The companies plan to operate Ford’s Almussafes plant near Valencia as a contract manufacturer for both automakers. The venture is expected to begin operating in the first half of 2027, subject to regulatory approval, with the first new vehicles scheduled to roll off the production line in 2028….
Ford Gives Geely European Manufacturing Foothold, Drawing Rebuke From Washington
