Ford jumps after announcing it's looking into a partnership aimed at the Indian car market

Paul Sancya / AP

In this Monday, May 22, 2017, file photo, Jim Hackett speaks after being introduced as Ford Motor Company CEO, in Dearborn, Mich. Hackett revealed a little about his plans, and a lot about himself, when he talked to media after his appointment. "The number one vehicle in the world is built by Ford Motor Company, and that's not lost on me," said Hackett.

Ford shares are trading up 0.95% at $11.73 a piece after the company announced it's looking into a strategic alliance with Indian auto maker Mahindra & Mahindra.

The agreement would last three years and includes a number of areas beyond simple manufacturing. If an agreement is reached, the companies will cooperate on electrification, distribution in India and mobility programs.

"The enormous growth potential in the utility market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities," Jim Farley, Ford's executive vice president, said in the company's release.

Ford has previously earmarked $4.5 billion for "electrification," but has thus far let Tesla and Chevy run away with the electric car markets. The company's new CEO, Jim Hackett, recently finished a 100-day review of the company as he looks to turn around its struggling stock price.

Ford is down 6.83% this year.

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