BYD and Daimler to co-develop electric vehicles

16:47, June 07, 2010      

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Daimler AG has officially signed an agreement with BYD to establish the Shenzhen BYD Daimler New Technology Company in order to further develop electric vehicles in the Chinese market, Dieter Zetsche, the chairman of Daimler AG, recently announced in Beijing.

"The registered capital of the joint venture is 600 billion yuan with each side holding half of the equity. The joint venture will release its first electric vehicle in 2013 using the co-founded and jointly-owned brand," said Zetsche.

According to sources, the new electric vehicles will combine the proprietary technologies of Daimler in the field of structure and safety of electric vehicles and BYD's car battery and drive technologies. This is the first time in China's car industry that both the Chinese and foreign sides of a joint enterprise will invest their own technologies into a joint venture.

By People's Daily Online

(Editor:黄硕)

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