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)