China approves Geely’s purchase of a 34% stake in Ford España — TimesLIVE

China’s market regulator has unconditionally approved automaker Geely’s acquisition of a 34% stake in Ford’s Spanish division, Ford España. The regulator announced this on Monday, TimesLIVE reports.

Stakes in the joint venture

In July, Ford and Geely announced the creation of a new joint venture. Under the announced structure, Ford will own 66% of the venture, while Geely will own 34%. The Chinese regulator’s approval specifically concerns Geely’s acquisition of this stake in Ford España.

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Production of electric SUVs

The companies also said at the time that Geely would produce two electric SUVs at Ford’s plant in Valencia, Spain. The plant in question is located in Valencia. The production plans cover exactly two electric SUVs. The companies are also to jointly develop one vehicle within the newly created joint venture. The regulator’s decision was made without imposing conditions on the deal.