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Daimler AG announced on Thursday a joint venture with BYD, the Chinese automobile and battery manufacturer, to build a research and technology center to develop electric cars in BYD’s home city of Shenzhen.
The two partners will invest $87.8 million to use as registered capital for the newly created business. The new generation of EVs developed by the joint venture will rely on Daimler’s know how in electric vehicle architecture and safety as well as BYD’s battery technology e-drive systems.
The new models will use Daimler’s expertise in electric vehicle architecture and safety, along with BYD’s excellence in battery technology and electric-drive systems. The vehicles will be marketed under a new brand jointly created and owned by Daimler and BYD.
Press Release
- BYD and Daimler AG to establish “Shenzhen BYD Daimler New Technology Co. Ltd,” a 50:50 research and technology center to develop electric cars in China
- 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.”
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.”
Chairman Wang and Dr. Zetsche signed the joint venture contract today in Beijing. This follows the signing of a Memorandum of Understanding on March 1. Engineers, designers and other executives from both companies established working teams after the signing of the MOU to begin working on the vehicle concept. The business license for the new joint venture is subject to relevant government approval.
Daimler is a leader in sustainable mobility and in developing automotive architectures for zero-emissions driving. The company 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.
BYD is China’s leading manufacturer in developing advanced battery technology, a field it has invested in since 1995. The company has enjoyed rapid growth for five years after entering the automotive sector in 2003. It is the fastest growing Chinese automotive manufacturer. BYD introduced its F3DM dual-mode hybrid electric vehicle to the world in December 2008 and started direct sales to individual customers in March 2010. The company recently launched the e6, a pure electric vehicle and established itself as the first manufacturer in China to commercialize taxi business with its e6.