Ford Motor Company (NYSE:F) held a work meeting Friday where the Detroit automaker revealed that they have found what was described as a major international investor for Ford’s German plant in Saarlouis and signed initial agreements together with the western state of Saarland.

“This is an excellent basis for further negotiations, with the potential to create around 2,500 jobs in Saarlouis,” said Martin Sander, head of the company’s German unit Ford Werke.

“This week we have taken a big step towards this goal,” he said, adding that the aim was still to transform the plant and create future employment opportunities.

According to a late January report by The Wall Street Journal, China’s BYD (OTC:BYDDY) was one of fifteen investors expressing interest in acquiring the Ford site in Saarlouis once the production of the Ford Focus, its current model, ceases in 2025.

Shares of F are up 0.67% in premarket trading on Friday.