Spain's Prime Minister Pedro Sanchez (C) and Regional President of Valencia Juan Francisco Perez Llorca (CL) shake hands with Ford employees 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)