Daimler, BYD form battery-powered car JV

Daimler AG, the world’s second-largest manufacturer of luxury cars, and BYD Co., the Chinese automaker backed by billionaire Warren Buffett, have set up a 50-50 joint venture (JV) to develop electric cars in China. Daimler and BYD plan to invest 600 million yuan (US$87.85 million) in the venture. Daimler is entering electric-vehicle production as part of a challenge to Bayerische Motoren Werke AG (BMW) for leadership in the luxury segment. BMW will introduce an electric-powered city car by 2013 and is working with partner Brilliance China Automotive Holdings Ltd. on battery-powered models for China, which became the world’s biggest auto market last year. (May 28, 2010)