China clears Geely to buy a 34% stake in Ford España
Geely pays 221 million euros as Ford retains 66% of its Spanish subsidiary.
China's State Administration for Market Regulation granted unconditional antitrust approval on October 12, 2026, for Geely to acquire a stake in Ford España. Under the agreed transaction, Geely acquires a 34% equity stake in the subsidiary for 221 million euros, which equals 251 million dollars or 1.76 billion Chinese yuan. 
Ford Motor Company retains a 66% controlling stake in Ford España.
The partnership focuses on the Valencia assembly plant in Spain, which has a designed annual capacity of 500,000 units. In 2025, the facility operated at a capacity utilization rate of 26%, with annual vehicle production capped at 100,000 units. Alongside the reduced output, Ford España posted an after-tax net profit of 69.8 million euros in 2025, down from 236.3 million euros in 2024.
The deal aims to revive output at the site by manufacturing two Geely-branded electric SUV models. In addition, Ford targets introducing five new multi-energy passenger vehicle models for its European dealers through 2029.
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