BYD, Daimler to develop electric vehicles

• Source: Global Times
• [16:11 March 02 2010]
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Daimler AG has announced that it signed an agreement with BYD, a Chinese auto and battery maker backed by US billionaire Warren Buffett, to jointly develop an electric vehicle that will be sold in the Chinese market under a jointed owned new brand.

The German automaker plans to take advantage of the Chinese automaker's battery technology. And BYD's CEO, Wang Chuanfu, considered the cooperation between the two companies a win-win.

The new brand electric vehicle will be developed in China, said Daimler. And its CEO Dieter Zetsche is expected to reveal more details about the joint venture at the Geneva Auto Show to be opened on Tuesday.

Agencies and Shi Jierui contributed to this story