The upstart Chinese car manufacturer BYD is nothing if no ambitious, and it’s willing to take some significant steps to ensure that it can become one of the world’s leading auto companies, including signing up partners such as Volkswagen and, now, Daimler AG.
Short for Build Your Dreams, it remains to be seen if BYD is only dreaming as it lays out a goal to be the number one maker in Asia, by 2013, and world’s biggest by 2020. But, apparently, Daimler AG thinks it may be onto something.
On the eve of the annual Geneva Motor Show, the Chinese maker signed a Memorandum of Understanding, or MOU, with Daimler to form a technology partnership with two key goals. The first is to develop a new electric vehicle for the booming Chinese market, and the second is to establish a new brand that the two makers will jointly operate. BYD will also establish a technology center in China for developing, designing and testing the new battery car.
“With this announcement, we have created a win-win business model with complimentary competences,” declared BYD Chairman Wang Chuanfu – showing that business clichés know no language barrier.