Chinese automaker BYD (Build Your Dreams) and Mercedes-Benz's parent company Daimler AG have set up a new joint venture called "Shenzhen BYD Daimler New Technology Co. Ltd," to develop electric vehicles for China.
The two companies said that they are planning to invest a total of 600 million yuan (US$87.9 million) in the 50-50 partnership in China.
According to a statement made by Daimler, the German automaker will bring its "know-how in electric vehicle architecture and safety" to the venture, while BYD will contribute "it's excellence in battery technology and e-drive systems".
The new electric vehicle(s) will be marketed under a new brand jointly created and owned by Daimler and BYD.
BYD Chairman Wang Chuanfu and Daimler Chairman Dieter Zetsche signed the joint venture contract today in Beijing, however, like everything else in China, the business license for the new joint venture is still subject to relevant government approval.
Mr. Wang Chuanfu, Chairman and President of BYD Company Limited: "Together with Daimler we are making excellent progress identifying opportunities to utilize the strengths of both companies to create a new brand of electric cars for China. This is a unique and exciting initiative and together we are pushing hard to bring this new electric vehicle to market as soon as possible."
Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG: "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."
*BYD Model Featured in These Photos is the F8 Coupe-Convertible and Not the Dedicated Electric Car Being Prepared by Daimler and the Chinese Automaker
