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)

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 Prime Minister Pedro Sanchez (L) and Regional President of Valencia Juan Francisco Perez Llorca speak during a 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 (CL) and President at Ford of Europe Jim Baumbick (CR) clap 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)

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)

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 Prime Minister Pedro Sanchez delivers a speech during 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)