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(Bloomberg) — Ford Motor Co. is seeking to reignite its struggling European passenger car business with a new version of the rugged Bronco SUV, following the success of bringing back the model in North America.
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The US automaker will build a compact Bronco at its Valencia plant in Spain from 2028, as part of a product offensive involving five new European models by 2029, the company said Monday. Ford will also introduce smaller vehicles for Europe, including affordable electric and combustion-engine models, to help it compete with an influx of less expensive Chinese brands.
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Once a manufacturing powerhouse in Europe, Ford built some of the continent’s best-known family cars, including the Fiesta and Mondeo. But the automaker has spent years in retreat, axing models, closing factories and losing dealers as its market share slid from nearly 9% in 2010 to below 3% last year, according to the European Automobile Manufacturers’ Association.
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Ford ended production last year at its Saarlouis plant in Germany after discontinuing the Fiesta, underscoring the steep decline of a business that once helped define mass-market motoring in Europe.
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The Bronco — long associated with desert racing and California surf culture in the US — has never been sold widely in Europe. Ford in 2021 revived the model in North America after a 25-year hiatus, turning the SUV into one of its biggest product successes in years. It’s now betting on a smaller European version, alongside other models, to revive its fortunes in the region after years of cutbacks and declining sales.
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The company in December teamed up with Renault SA to make affordable cars with a plug, casting the agreement as a new lease of life for the business. The manufacturer has also held talks with China’s Zhejiang Geely Holding Group Co. about sharing manufacturing capacity in Europe.
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Ford last year installed longtime executive Jim Baumbick to lead its European business amid a broader turnaround effort in a region where the company has operated for more than a century. Earlier this year, the automaker pledged as much as €4.4 billion ($5.1 billion) to reduce debt and fund restructuring at its struggling German unit, which has been hit by weak demand and high costs.
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While the passenger car business has been sliding, Ford’s commercial van unit has remained solid and on Monday said it’s expanding its suite of software and services offerings.
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Separately, Ford on Monday announced that its energy division signed a supply agreement with a subsidiary of EDF Group. The news sent Ford’s shares up 3.9% before regular trading in New York, reviving a rally from last week on enthusiasm for its newly formed business.
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—With assistance from Richard Clough.
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(Updates with additional detail from second paragraph, news of energy deal with EDF.)
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