Daimler AG has signed an agreement launching a technology partnership with Chinese BYD Company Ltd. to develop a new electric vehicle specifically suited to the Chinese market that would be sold under a brand new nameplate.
Chinese industrial policy requires joint ventures to gain access to its protected market. The Communist central government also has repeatedly stated its desire to rationalize the Chinese automobile industry around Chinese companies.
“With this announcement, we continue to push ahead as a global leader in electric mobility. Daimler’s know-how in electric vehicle architecture and BYD’s excellence in battery technology and e-drive systems are a perfect match. Thus, we will be able to participate in the potential growth of electric mobility in China, currently the largest auto market of the world,” said Dieter Zetsche, Chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars.
Wang Chuanfu, BYD chairman and president, said, “This technology partnership creates a win-win business model with complimentary competences. We are very excited about this opportunity to work together with Daimler, the inventor of the automobile.”
“With this technology partnership, we have created a win-win business model with complimentary competences. We are very excited about this opportunity to work together with Daimler, the inventor of the automobile,” said Wang.
Daimler recently launched the smart electric drive, and in 2010 will introduce an all-electric version of the Mercedes-Benz A-Class. (more…)