Ford Motor Co. signed a memorandum of understanding with Anhui Zotye Automobile Co., Ltd. to develop and produce all-electric passenger vehicles in China.

China is the fastest-growing market in the world for new energy vehicles (NEVs). Ford says it expects the market for NEVs in China to grow to six-million units per year by 2025, of which approximately four-million vehicles will be all-electric.

Zotye Auto was one of the first automakers to produce all-electric passenger vehicles in China. Zotye sold more than 16,000 all-electric vehicles through July this year, representing a growth of 56 percent year-over-year.

Additional details about the joint venture deal, including information about the brand, products and production volumes, will be announced later, pending a final definitive agreement and regulatory approvals.

Ford says it plans to introduce 13 new electrified vehicles globally in the next five years, including an all-electric small SUV to be sold in Asia, North America and Europe. Ford also recently announced an electrification strategy and aims for 70 percent of all Ford vehicles sold in China to have electrified powertrain options by 2025.

The new 50:50 joint venture expands Ford’s footprint in China, along with the company’s existing joint ventures, Changan Ford and Jiangling Motors Corp.