Ford will report the progress of the German plant sale on June 22, with BYD and other three companies as the main bidders.

CTOnews.com, June 12 (Xinhua) Ford Motor Company is about to reach an agreement to sell its German plant, with three main bidders including two groups of Chinese automakers, one of which is BYD and the other is a consortium of small car companies, according to Bloomberg.

Martin Sander, general manager of Ford's European electric vehicle business, said the company would announce negotiations with several potential investors at a meeting at the Saluis plant in Germany on June 22 local time.

The Ford Saluis plant, which employs nearly 4600 people, had announced that it would stop production of the compact focus model at the plant. Ford and the state of Sal, where the plant is located, are also in talks with a German solar panel maker, according to people familiar with the matter.

Ford is said to be seeking a preliminary agreement on the sale later this month, and the carmaker will stop producing cars at its Sal Louis plant in 2025, with about a year left. The plant is currently responsible for assembling Ford focus compact cars and employs about 4600 people.

People familiar with the matter also stressed that there was no guarantee that the deal would be completed by the deadline later this month. Negotiations, they say, could also fail. Ford said it was committed to revamping its Saarlouis plant and creating future jobs, while declined to comment further, while spokesmen for BYD and the Saar Ministry of economy who were involved in the negotiations declined to comment.

It is worth mentioning that Ford will also cut thousands of jobs to reduce its size in Europe and invest billions of dollars in restructuring for the electric age.

Next week, German Chancellor Olaf Schultz will attend the opening of Ford's electric car plant in Cologne, which will be overhauled at a cost of $2 billion (CTOnews.com Note: about 14.22 billion yuan) and will start producing electric cars later this year.