Ford and Geely to form joint venture at Almussafes plant

Ford and China's Geely are setting up a joint venture at Ford's Almussafes plant near Valencia, in operation since 1976: Geely takes 34% via its subsidiary Geely SPV, Ford retains 66%. From 2028 the site is to build three Ford multi-energy models and two electric Geely models; the plant is designed for 400,000 to 500,000 vehicles a year and ranks among Europe's largest vehicle factories. Subject to regulatory approvals, the joint venture is due to start operating in the first half of 2027. It gives Geely its first EU production base and the Spanish site a long-term utilisation outlook. The €221m purchase price (implying a plant valuation of around €650m) is not stated in the company announcement; it comes from press reporting (Infobae/EFE, Automotive News Europe). Update (24 Oct 2026): According to Motor16, China's competition regulator approved Geely's entry (34%, Ford 66%, joint control) without conditions; the JV start remains planned for H1 2027. The report does not mention EU or Spanish clearances (Motor16, 14 Oct 2026).