Key facts
- Ford will sell part of its Almussafes plant near Valencia to Geely.
- Geely will manufacture electric vehicles at the Spanish plant.
- The announcement is expected during a visit by Spanish Prime Minister Pedro Sanchez.
- The deal allows Geely to avoid EU tariffs on EVs imported from China.
- Ford aims to cut fixed costs and safeguard jobs at the plant.
Ford Motor and China's Geely have reportedly struck a deal that will see the U.S. automaker sell a portion of its Almussafes plant near Valencia, Spain. This agreement paves the way for Geely to establish an electric vehicle manufacturing base within the European Union.
According to ABC newspaper, citing sources familiar with the matter, the official announcement is anticipated during a visit to the Almussafes facility on Thursday by Spanish Prime Minister Pedro Sanchez and Ford Europe President Jim Baumbick. Both Ford and Geely have not yet commented on the report.