On July 23, Geely Automobile Holdings Co., Ltd. announced that the company's wholly-owned subsidiary GeelysPV signed a share purchase agreement with Ford Motor's wholly-owned subsidiary FordNL to acquire 34% of the Spanish target company's shares for 221 million euros. After the transaction is completed, FordNL holds 66% of the target company's shares and GeelysPV holds 34% of the shares; the entity will be recorded as an associated company in accordance with the equity law and will not be included in the scope of Geely's consolidated statements.

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