Spain's Prime Minister Pedro Sanchez waves as he visits 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)

Employees work 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)

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)

Spain's Prime Minister Pedro Sanchez waves as he visits 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)

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)

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)

Employees work 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)

CEO of Geely Auto International Corporation Alex Nan 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)