Ford Otosan is a joint venture between Ford and the Turkish group Koç Holding, where each of the two groups owns 41% of the shares and the remaining 18% are listed on the Istanbul Stock Exchange. The value of the deal is EUR 575 million, according to official data quoted by the Romanian media.

Ford assures that this transfer doesn’t impact its plans in Romania and that the Craiova plant will play a key role in the group’s business in Europe while supporting its plans for electrification (Model e) and commercial vehicles (Ford Pro).

"This transfer shows how Ford leverages its strategic partnerships to make the most efficient use of existing resources through joint investment while benefiting from Ford Otosan's extensive experience. We welcome this opportunity to strengthen our partnership with Koç Holdings through Ford Otosan and to develop this joint venture together. The activity of the factory in Craiova is a success and we consider that through the experience and expertise of Ford Otosan in electrification and commercial vehicles it can reach an even higher level of development," said Stuart Rowley, President of Ford of Europe.

"Today's announcement supports Ford's vision for expanding our range of cars, with the Craiova plant playing a key role in our solid plans to develop commercial vehicles (Ford Pro) and electric vehicles (Model e) in Europe," he added.