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Mercedes Teams with Chinese on Alternate Power

by on Nov.15, 2011

A Mercedes on display in China.

Daimler and Beijing Automotive Group Ltd,, also known as BAIC, have signed an additional Letter of Intent that emphasizes plans to expand their strategic partnership by developing new technology and new vehicles that run on alternative or new energy.

The Letter of Intent signed between the German and and Chinese automakers opens the door to direct investment by BAIC in Daimler for the first time.

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“Both sides are going to evaluate additional initiatives at corporate level as well as to support each other with further investments,” the two companies said in a statement, announcing their plans.