BYD Co. and Daimler AG signed a contract to create a research and technology joint venture on May 27th, 2010, called "Shenzhen BYD Daimler New Technology Co. Ltd," that will develop an electric vehicle for China. BYD and Daimler will together invest RMB 600 million (87.9 million USD) to use as registered capital for the Joint venture.
Dr. Dieter Zetsche, Chairman of the Board of Daimler AG point out that the new joint venture will greatly benefit from the vast potential of electric mobility in China and Daimler will also invest 244 million USD to provide car engine in Beijing as their expansion plan on China business. According to top management from Daimler, the new vehicle will adopt BYD's e6 model, a pure electric vehicle and established itself as the first manufacturer in China to commercialize taxi business with its e6.
(Source: cn.WSJ.com)
