BYD, Daimler Sign Joint-Venture Contract to Develop Electric Vehicles in China
By Scott Doggett May 27, 2010
Chinese carmaker BYD Auto and Daimler AG, maker of Mercedes-Benz and Smart cars, signed a contract today creating a 50-50 research and technology joint venture that will develop an electric vehicle for China.
The contract to form Shenzhen BYD Daimler New Technology Co. follows the signing of a memorandum of understanding on March 1 to establish the JV.
The new generation of electric vehicles developed by the joint venture will capitalize on Daimler's know-how in EV architecture and safety as well as BYD's expertise in battery technology and e-drive systems.
The vehicle will be marketed under a new brand jointly created and owned by Daimler and BYD.
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