Ford and Geely Forge Spanish Manufacturing JV to Cut Costs and Share EV Tech
F sits 33% above its 52-week low of $10.68.
Summary
Ford and Geely are forming a European manufacturing joint venture, with Ford holding 66% and Geely 34%. The deal will see Geely build two electric SUVs at Ford's Valencia plant starting in 2028, while Ford continues producing the Kuga and a new Bronco SUV. The partners will also jointly develop a new crossover SUV. This follows Ford's recent strategic moves to restructure its EV operations and secure battery technology, including a CATL licensing deal and a DOE loan. The partnership addresses overcapacity in Europe and intensifying competition from Chinese automakers, leveraging shared production to lower costs. Regulatory approvals are pending, with operations expected to begin in the first half of 2027.
At the time of this announcement, F was trading at $14.23 on NYSE in the Manufacturing sector, with a market capitalization of approximately $57.5B. The 52-week trading range was $10.68 to $17.78. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.