MADRID, (Reuters) - Ford is planning to produce a new sports-utility vehicle (SUV) at its plant in Valencia in Spain, the company said on Thursday. "We are closely monitoring the evolution of the European markets for opportunities to enhance our current product offering," the group said.

"Given the changes we see in the industry, we believe there is an opportunity to add an all-new multi-energy SUV to the Europe cycle plan, to be manufactured in Valencia." The group said this was still subject to a formal decision. Spanish newspaper Cinco Dias first reported that Ford was weighing production of a new passenger car at the Almufasses plant in Valencia. Spanish Prime Minister Pedro Sanchez hailed the decision as positive news for Valencia and the workers at Ford Spain. "Great news for Valencia, Spain and the workers of @FordSpain. The company's decision to produce electric vehicles guarantees the viability of the Almufasses plant for the coming years," he said in a message on X. The plant, which employs 4,800 people, only makes the Ford Kuga after other models were cut back in recent years. The General Workers Union (UGT) told Cinco Dias on Thursday: "Almussafes will have a new vehicle and will maintain a sufficient workload."