BYD and Daimler to develop new electric car for Chinese market

China’s carmaker BYD and Germany’s Daimler have signed a memorandum of understanding to develop electric cars for China in a joint venture that could exceed €100 million (US$135.69 million), company executives said at a Geneva car show. The two firms said they would explore ways to develop an electric vehicle under a joint new brand that fits the needs of the Chinese market. They will establish a technology centre on the mainland to develop, design and test the vehicle. The German carmaker used a similar approach in China’s mini-van market in 2007, setting up a US$300 million joint venture with Fujian Motor Industry Group. (March 3, 2010)