Swedish luxury SUV maker, owned by Geely, steering toward electric future
Major automakers have pulled several electric models and cancelled projects after federal tax credits ended in 2025, while Q2 2026 US EV sales have recovered sequentially to about 247,226 units. Higher fuel prices, state rebates and low‑cost entrants such as Slate, Fiat Topolino and Chinese brands in Europe are reshaping supply, pricing and consumer demand.
Ford and Geely have unveiled a two-thirds/one-third joint venture to build five vehicles at Ford’s Valencia plant in Spain, starting 2028. The deal seeks to reassert Ford’s presence in Europe amid rising Chinese competition, cost pressures, and tightening regulations. Production of the Kuga PHEV will continue; two Geely electric SUVs will be built; a new multi-energy crossover is planned for 2028. The move signals broader global partnerships as U.S. policy tightens access for Chinese firms.
Volvo has refreshed its 40-series models, adding a bigger touchscreen, Google Gemini AI, updated safety sensors, and new front-end styling. The EX40 and EC40 gain longer ranges, while production will begin later this autumn and pricing remains near today’s starting point.