FORD AND GEELY AUTO JOIN FORCES IN EUROPE TO PRODUCE NEXT-GENERATION MULTI-ENERGY VEHICLES IN SPAIN

The global automakers plan to form a manufacturing joint venture at Ford's Valencia, Spain, plant, combining scale and factory utilization, to build Ford and Geely vehicles The partnership, built on a foundation of trust and shared business principles, secures the future of the Valencia plant, provides long-term stability and creates the potential for future high-tech manufacturing job growth The joint venture addresses the new realities of the European market -- intense global competition, relentless cost pressure and tightening regulation -- resetting Valencia to build at the industry's emerging cost benchmark The Valencia plant will produce a new generation of low- and zero-emission vehicles for European markets, offering customers an outstanding technology experience The joint venture is expected to produce an all-new multi-energy crossover for Ford, in addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028. Kuga production continues uninterrupted The collaboration accelerates Geely Auto's European expansion, and supports Ford's product offensive to bring five new passenger vehicles to European showrooms by 2029 VALENCIA, Spain , July 23, 2026 /PRNewswire/ -- Ford Motor Company and Geely Automobile Holdings (hereafter "Geely Auto") today announced an agreement to form a Europe-focused joint venture (JV) at Ford's Valencia, Spain, manufacturing hub. The new JV will manufacture Ford and Geely multi-energy passenger vehicles for the European market, driving greater choice and value for European drivers. Continue Reading Ford and Geely announce joint venture for Europe at Ford's Valencia plant Ford and Geely announce joint venture for Europe at Ford's Valencia plant Europe is home to one of the fiercest competitive battles in the global automotive industry today. Tightening regulation, high operating costs and a new generation of global competitors have reset the industry's benchmark for manufacturing cost, vehicle technology and software experience. By pooling production volume, Ford and Geely will maximize the capacity of the Valencia plant, lower the cost of every vehicle built there, and compete at this emerging cost standard while delivering world-class multi-energy vehicles and strengthening the local Valencia economy in the process. Pending regulatory approvals, the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia plant will continue to produce the Ford Kuga in the meantime. "This JV with Ford in Europe reflects our commitment to open, collaborative product development as part of our growth strategy, deepening our local presence and commitment to customers in Europe", said Alex Nan, Vice President of Geely Auto Group. "We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe's green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner." Ford's partnership with Geely is built on a foundation of trust and respect stretching back to 2010 when Ford sold Volvo Cars to Geely and watched it protect and revitalize the brand. Both companies share a commitment to quality, cost-efficient sourcing and continuous improvement, as well as a belief that customers should be able to choose their own path through the energy transition. Transforming Valencia into a Powerhouse for Low-CO2 Mobility The JV will transform Ford's Valencia facility – already one of Europe's most productive and advanced plants, with a potential annual capacity of about 500,000 vehicles – into a shared, high-tech manufacturing hub built to compete at the industry's new global cost standard. The plant has been at the leading edge of the European market since it opened in 1976, when it built the original Ford Fiesta, Ford's first global front-wheel-drive car, and a major success. Ford was the first non-Spanish automaker to build in Valencia, the start of a partnership with Spain and its people that remains as strong today. Under the proposed ownership structure, Ford will own 66% of the new entity and Geely Auto 34%. An Exciting Vehicle Lineup "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", said Jim Baumbick, President, Ford of Europe. " 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 is all part of Ford's vision to give European drivers rally-bred handling, true off-road capability and multi-energy technology, with a distinct Blue Oval DNA." The JV will combine the engineering, manufacturing and development know-how of two of the world's leading automakers to build both Ford and Geel