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BYD-Daimler JV plans developing electric cars in China

Posted: 03 Jun 2010     Print Version  Bookmark and Share

Keywords:electronic vehicle  joint venture  e-drive system 

BYD Co. Ltd and Daimler AG have agreed to create a 50:50 research and technology joint venture that will develop an electric car for China. The two companies will invest Rs.403.95 crore (RMB 600 million) as registered capital for the JV, Shenzhen BYD Daimler New Technology Co. Ltd.

The electric vehicles developed by the JV will capitalise on Daimler's know-how in electric vehicle architecture and safety as well as BYD's battery technology and e-drive systems. The vehicle will be marketed under a new brand jointly created and owned by Daimler and BYD.

"Together with Daimler we are making excellent progress identifying opportunities to utilise the strengths of both companies to create a new brand of electric cars for China," said Wang Chuanfu, chairman and president of BYD. "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," he added.

"Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China," said Dieter Zetsche, chairman of the board of management of Daimler. "We are fortunate to have excellent joint venture partners in China and the establishment of this research and technology centre with BYD adds another dimension to our growing presence in this important market."

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