Ford and Geely Strike Landmark Deal for EV Production at Spanish Plant
F sits 35% above its 52-week low of $10.68.
Summary
Ford and China's Geely have agreed to a deal where Geely will manufacture EVs at Ford's Almussafes plant in Spain. The agreement gives Geely a manufacturing base inside the EU, helping it avoid tariffs on Chinese EV imports, while Ford cuts fixed costs and safeguards jobs at the underutilized plant. The announcement is expected during a visit by Spanish PM Pedro Sanchez and Ford Europe President Jim Baumbick. This follows Ford's recent strategic moves in energy storage and EV financing, adding a new dimension to its European manufacturing strategy. The deal could improve plant utilization and reduce Ford's cost burden in Europe, a region where it has struggled with overcapacity.
At the time of this announcement, F was trading at $14.43 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: Reuters.