Geely partners with Ford to increase localization production in Europe.

On July 23, Geely Automobile Holdings Limited announced that its wholly-owned subsidiary Geely SPV has signed a share purchase agreement with Ford NL, a wholly-owned subsidiary of Ford Motor Company, to acquire 34% of the shares of a Spanish target company for 221 million euros. After the transaction is completed, Ford NL will hold 66% of the target company's shares, and Geely SPV will hold 34%. This entity will be accounted for as an equity method investee and will not be included in Geely's consolidated financial statements.