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)