Ford's German plant unlikely to be sold to BYD, report says

Ford Motor Co's F German plant is said to be unlikely to be sold to Warren Buffett-backed Chinese EV maker BYD Co. BYDDF.

According to Bloomberg, Ford was in talks with more than 15 potential investors, including BYD, for the plant in Sarrlouis, Germany.

"We aren't focusing on certain companies facilities," said Stella Li, BYD Executive Vice President.

Li said we are doing feasibility studies to see our plans for the future. According to the report, there were no target countries to build facilities yet.

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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 Detroit-based automaker plans to rejig its European operations and shift entirely to electric vehicles after the sale would have been a step in its direction.

Ford has taken on competition in the EV segment more aggressively by putting in place price cuts in the United States, including on its Mustang Mach-E model.

Price Action: Ford shares fell by 0.8% to $13.13 in the regular session, according to Benzinga Pro data.