Ford Motor Co’s F German plant is reportedly unlikely to be sold to Warren Buffett-backed Chinese EV-maker BYD Co. BYDDF.
What Happened: Ford was in talks with nearly 15 potential investors, including BYD, for the plant located in Sarrlouis, Germany, reported Bloomberg, citing people familiar with the matter.
“We aren’t focusing on certain companies’ facilities,” said BYD Executive Vice President Stella Li, reported Bloomberg.
“We’re doing feasibility studies to see our plans for the future,” said Li. She said there were no target countries to build facilities yet,” according to the report.
See Also: How To Buy Electric Vehicle (EV) Shares
Why It Matters: Last month, the Wall Street Journal reported that Ford was in discussions with BYD over the sale of the German plant.
It was reported that the talks were in the preliminary stage and Ford’s German management was planning to travel to China to discuss the potential sale.
The sale would have reportedly been a step in the Detroit-based automaker’s plans to rejig its European operations and shift entirely to electric vehicles.
Meanwhile, Ford has taken on competition in the EV segment more aggressively by carrying out price cuts in the United States including on its Mustang Mach-E model.
Price Action: On Monday, Ford shares closed 0.8% lower at $13.13 in the regular session, according to Benzinga Pro data.
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