Ford and Geely Form New Joint Venture for SUV Production
Ford Motor Company has entered a joint venture with Geely Auto Group to produce a new compact crossover using Geely’s GEA electrified platform. The partnership involves Ford utilizing Geely’s platform for a model set to launch in 2029, which will be built in Valencia, Spain. As part of this agreement, Geely-owned Centurion Industries will pay Ford $259 million for a 34% stake in the Valencia facility.
This collaboration marks a shift in Ford’s strategy, allowing the Detroit automaker to leverage advanced electric vehicle technology from Geely and tap into a low-cost production structure. Geely aims to sell 400,000 vehicles annually in Europe across its brands, despite having sold only 25,000 vehicles in the first half of this year, highlighting their ambition to expand in the European market amid ongoing competition in China.
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