President at Ford of Europe Jim Baumbick holds a press conference at the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Spain's Minister of Science and Innovation Diana Morant (L), Minister of Labor and Social Economy Yolanda Diaz (3L), President at Ford of Europe Jim Baumbick (4L), Spain's Prime Minister Pedro Sanchez (C), Regional President of Valencia Juan Francisco Perez Llorca (6L), CEO of Geely Auto International Corporation Alex Nan (7L) and Senior Vice President of Geely Holding Groupduring Victor Yang Xueliang (R) are seen during their visit to the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

An employee works at the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Spain's Prime Minister Pedro Sanchez (R) speaks to President at Ford of Europe Jim Baumbick (C) next Minister of Labor and Social Economy Yolanda Diaz during their visit to the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Ford employees gather to attend a press conference at the car maker's factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Spain's Prime Minister Pedro Sanchez (CL) listens to President at Ford of Europe Jim Baumbick (CR) as they visit the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Regional President of Valencia Juan Francisco Perez Llorca (L), Spain's Prime Minister Pedro Sanchez (2L), President at Ford of Europe Jim Baumbick (2R) and Spain's Minister of Science and Innovation Diana Morant (R) visit the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)

Victor Yang Xueliang (L), senior vice president of Geely Holding Group (L) and Jim Baumbick, president at Ford of Europe, hold a joint press conference at the Ford factory in Almussafes, near Valencia on July 23, 2026. US automaker Ford announced today that it plans to create a joint venture with Chinese group Geely at its struggling Spanish plant in Valencia, which will produce four additional models for both companies. (Photo by JOSE JORDAN / AFP via Getty Images)