Ford is rising after talks of a new all-electric Chinese brand

Ford wants to get into the electric car game, and just signed a memorandum of understanding as it moves toward that goal.

The US auto maker signed an agreement to start talks with Anhui Zotye Automobile, a leading Chinese electric vehicle maker. The two companies are exploring a partnership to manufacture electric cars aimed at China’s growing demand for the vehicles, according to a report from Peter Campbell at the Financial Times.

Ford is trading 0.81% higher in pre-market trading on Tuesday after the report.

Ford is trying to catch up to its competitors who already produce long-range electric cars, like Chevy’s Bolt. The company’s new CEO, Jim Hackett, hails from the company’s Smart Mobility unit and has publically said the company wants to produce more electric cars.

Anhui Zotye has produced 16,000 electric vehicles this year, a 56% increased compared to the same time last year, according to the Financial Times

Ford is down 16.01% this year.

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