Ford To Increase Production At Valencia Plant With New Model
In a significant development, Ford Motor Co. (NYSE:F) has announced plans to enhance production at its Valencia plant in Spain. The automaker aims to assemble 300,000 units of a new model annually starting in 2027.
What Happened: Spain’s Industry Ministry confirmed Ford’s decision to boost production at its Spanish plant, Reuters reported on Friday. The automaker had previously hinted at this move in March when it disclosed its consideration for the production of a new sports utility vehicle (SUV) at the Valencia facility.
The Industry Ministry praised the move, stating, “It is a model that will guarantee the workload for this factory and prepares it for the future.”
The Valencia plant, currently employing 4,800 people, is where Ford assembles its Kuga SUV. The production of other models at this plant has been reduced in recent years.
Why It Matters: This strategic move by Ford is expected to strengthen the workload and future readiness of the Valencia plant. It also signifies Ford’s commitment to expanding its SUV line-up and its operations in Spain. In June 2022, Ford had announced its intention to manufacture its next generation of electric vehicles at its factory in Valencia, Spain.
However, in April, Ford decided to delay the production of an all-electric SUV and pickup truck to introduce hybrids across its North American lineup by the end of the decade. This decision came in response to the demand slowdown and the financial challenges faced by the company in its EV venture.
Price Action: On Thursday, Ford’s stock closed 0.16%, lower at $12.13, a slight increase of 0.05 from the previous close. The company’s first-quarter earnings for 2024 surpassed estimates with an EPS of 0.49 against an estimated 0.42.
Photo via Wikimedia Commons
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Posted-In: electric SUVs EVs Ford Kuga mobility Pooja Rajkumari spainNews General
