A joint venture between Daimler AG and BYD of China will see the new company creating electric cars in China.
Mercedes-Benz parent Daimler AG has signed an agreement with the fastest-growing Chinese auto company BYD to establish a joint research and technology venture. The new 50:50 entity is called Shenzhen BYD Daimler New Technology Co. Ltd and will develop electric cars in China.
BYD has expertise in battery technology and e-drive systems, while Daimler will call on its leadership in the arenas of electric vehicle architecture and safety.
Daimler will become the first premium brand to launch electric cars when it releases the B-Class F-CELL with fuel cell technology as well as the battery electric A-Class E-CELL later this year.
China is poised to be the leading car market in the next few decades and the Germans want a large piece of that pie.