China approves Geely acquisition of 34% of Ford España

Business Recorder reported that China's market regulator has cleared Geely's plan to buy a 34% stake in Ford España, the Spanish subsidiary of Ford Motor. The regulator announced the decision on Monday, and it imposed no conditions on the deal.

The two carmakers first disclosed their cooperation in July, when they said Geely intends to produce two battery-powered SUVs at Ford's Valencia facility in Spain. They also planned to develop a vehicle together through a newly formed joint venture.

Under the joint venture, Ford will own 66% and Geely 34%, the companies added. The tie-up centres on electric vehicle production at the Spanish plant. The approval relates to the acquisition of the 34% stake in Ford España.