Daimler signs MoU with BYD to develop electric car for Chinese market

02 Mar 2010

1

Daimler AG, the maker of Mercedes-Benz and Maybach cars, and BYD Co., the Chinese car and battery maker backed by billionaire Warren Buffett, have agreed to jointly develop an electric vehicle for the Chinese market, the world's largest auto market.

Stuttgart, Germany-based Daimler signed a Memorandum of Understanding (MoU) yesterday with BYD Company Limited to enter into a comprehensive technology partnership for the development of electric vehicles for China.

Under the agreement, Daimler and Shenzhen-based BYD will develop a new electric vehicle with requirements specific of the Chinese market.

A common technology centre will be established in China to develop, design and test this electric vehicle, which will be marketed under a new brand jointly created and owned by Daimler and BYD.

Hong Kong-listed BYD, established in 1995, has risen from humble origins to become the world's biggest producer of rechargeable batteries for cellular handsets, a producer of lithium-ion batteries for vehicles and manufacturer of hybrid and electric cars. It has two main industrial divisions, IT and auto division.

Its IT division produces information-technology products including nickel-cadmium and lithium-ion rechargeable batteries, mobile-phone displays, keypads and housings; laptop-computer keypads, and more, while its auto division produces electric cars, ranging from economy to luxury models, as well as car moulds and car parts.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers