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)