Continuing its quest to expand in China, Ford Motor Co. announced on Wednesday it has formed a joint venture with electric-vehicle giant Anhui Zotye Automobile Co in a deal worth $756 million.

In the agreement, the two automakers will join forces to develop, build, market, and distribute all-electric passenger vehicles in China, pending regulatory approval. The new partnership forms a company called Zotye Ford Automobile Co. Ltd which will be equally owned by both companies.

To achieve these goals, Zotye Ford also plans to build a new manufacturing plant in Zhejiang Province. It will also establish a new dedicated sales and service network. The all-electric vehicles produced by the JV will be sold under a new Chinese brand designed to meet Chinese consumers’ aspirations for electric vehicles. Being able to point to local R&D and domestic production of these vehicles is sure be a mark in the plus column for the Zotye Ford joint venture.

These types of partnerships are part-and-parcel for foreign companies looking to do business in China. Several years ago, Chinese lawmakers created this shared ownership model to safeguard the local market, helping the country to develop into the largest market for new vehicles. Ford already operates successful vehicle joint ventures with Changan Ford Automobile Corporation, Ltd. and Jiangling Motors Corporation.

READ MORE: Ford Plans to Tap Into China’s EV Market

The new joint venture builds upon Ford’s ambitious China electrification strategy. Ford announced earlier this year that at least 70 percent of Ford-branded vehicles sold in the country will offer electrified powertrain options by 2025.

Zotye appears to be a good company with which to forge a partnerships, as it was one of the first automakers to produce all-electric vehicles for sale in China. The company sold more than 22,500 electric vehicles there through October of this year, a 14 percent increase year-over-year. The Chinese automaker also produces vehicles powered by other sources.

Ford and Zotye are also said to be working on mobility solutions in China, expanding on Dearborn’s efforts here at home. The freshly-minted CEO of Ford, Jim Hackett, was head of the automaker’s “smart mobility” unit until he was tapped to lead the company earlier this year.

Ford’s president of Asia Pacific, Peter Fleet, said that China is the company’s second-largest export market. Last year, the Blue Oval sold well over a million vehicles in China.