China and Germany have signed a new round of 14 trade deals, including one valued at more than $15 billion.
The agreement that has sparked considerable interest is one that calls for closer collaboration between German automakers and their Chinese counterparts on the development of electric vehicles. German and Chinese companies, such as Mercedes-Benz and BYD, are already working jointly on EV projects.
The new contracts include one for an electric car project between German auto giant Volkswagen and its Chinese partner First Auto Works, or FAW, involving a factory in Foshan.
VW also signed a deal with Shanghai Automotive Industry Corporation, its other key Chinese partner, while Daimler and the Beijing Benz Automotive Company inked an agreement on investment in new products, engines and a research and development center within China.