Ford and Geely announced an agreement on Thursday to establish a Europe-focused joint venture at Ford's Valencia manufacturing hub in Spain, as the two automakers seek to strengthen production efficiency and compete in a rapidly changing European automotive market.
Under the proposed ownership structure, Ford will hold a 66 percent stake in the new entity, while Geely Auto will own 34 percent.
The venture will manufacture Ford and Geely multi-energy passenger vehicles for the European market, including low- and zero-emission models.
Pending regulatory approvals, the joint venture is expected to begin operations in the first half of 2027, with the first vehicles scheduled to roll off the production line in 2028.
The partnership comes as European automakers face mounting pressure from tighter emissions regulations, rising manufacturing costs and increasing competition from global electric vehicle makers.
