China approves Geely’s acquisition of 34% of Ford España
By the AFREEQUE newsroom, based on TimesLIVE
China’s competition regulator has unconditionally approved Geely’s acquisition of 34% of Ford España, Ford’s Spanish subsidiary. The two groups also plan to produce two electric utility vehicles in Valencia and develop a model together, according to Reuters.
China’s market regulator has unconditionally approved Geely’s acquisition of 34% of Ford España, the Spanish subsidiary of US carmaker Ford, the regulator announced on Monday, according to Reuters.
Ford will retain 66% of a joint venture formed with Geely, while the Chinese group will hold 34%. The two carmakers plan to produce two electric SUVs at Ford’s Valencia plant and jointly develop a vehicle through the venture, according to Reuters.
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Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
