BYD Company Limited and Daimler AG have created a research and technology joint venture aiming at developing an electric vehicle for China.
The partners of the 50:50 joint venture said they will invest about 71 million euros into the launch of the company. According to a Daimler release, the new generation of electric vehicles developed by the joint venture will capitalize on Daimler's know-how in electric vehicle architecture and safety as well as BYD's excellence in battery technology and e-drive systems. The vehicle will be marketed under a new brand jointly created and owned by Daimler and BYD. The JV bears the name Shenzhen BYD Daimler New Technology Co. Ltd.
BYD is said to be China's leading manufacturer in developing advanced battery technology. Having entered the automotive sector in 2003, BYD now is the fastest growing Chinese automotive manufacturer. The company has already rolled out a dual-mode hybrid electric vehicle and an e-car – the e6. Daimler on its part plans to introduce two electric cars of its Mercedes-Benz brand during the current year: the B-Class F-Cell with fuel cell technology as well as the battery electric A-Class E-Cell.
With the move, Daimler follows competitor Volkswagen. In April, VW had communicated its commitment do develop an electric vehicle for the Chinese market.
Courtesy of Automotive DesignLine Europe.