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Ford and Geely announced this week that they plan to create a joint venture at Ford’s assembly plant in Spain to build a new generation of multi-energy vehicles for the European market under both brands. Is “multi-energy” another way of saying “plug-in hybrid”? Apparently so. According to The Detroit News, Ford will own 66 percent of the partnership and Geely will own the remaining 44 percent.
“For nearly 50 years, Valencia has built some of the most-loved cars in our history, and now this team will help build our future,” Jim Baumbick, president of Ford of Europe, said in a statement. “That’s why we’re building a flexible, cost effective industrial system with a capable partner in Geely Auto. Together we can fully utilize a best-in-class plant with a great workforce and match the industry’s new cost benchmark. This partnership shows how automakers are strengthening Europe’s industrial base, but we can’t do it alone.”
Ford’s On The Road blog this week carried this message: ”Through this strategic, European focused joint venture, the new company will manufacture Ford and Geely multi-energy passenger vehicles for the European market — pooling production volume across two automakers to use the plant more fully, lower the cost of every vehicle we build there, and strengthen the local Valencia economy.
