Daimler and BYD to develop EVs for China
The two companies have announced the development of a 50:50 joint research and technology centre called "Shenzhen BYD Daimler New Technology Co Ltd".
BYD and Daimler will invest RMB 600 million (€70.8 million US$87.8 million) into the JV and will market the vehicles under a new brand jointly created and owned.
The firms say that the JV will capitalise on Daimler's know-how in electric vehicle architecture and safety as well as BYD's excellence in battery technology and e-drive systems.
BYD is China's leading manufacturer in developing advanced battery technology and is currently field testing its e6 full electric vehicle in the taxi sector in Shenzhen.
Daimler has recently launched the smart fortwo electric drive and this year will introduce two Mercedes-Benz electric cars: the B-Class F-CELL with fuel cell technology as well as the battery electric A-Class E-CELL.
Dieter Zetsche, chairman of the Board of Management of Daimler AG, said: 'Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China. We are fortunate to have excellent joint venture partners in China and the establishment of this research and technology center with BYD adds another dimension to our growing presence in this important market.'