Daimler and BYD Establish 50:50 EV JV

　　May 27th, Daimler AG and BYD signed a contract creating a 50:50 research and development technology joint venture for the development of an electric vehicle in China, with the new company using the Shenzhen BYD Daimler New Technology.

　　“Together with Daimler we are making excellent progress identifying opportunities to utilize the strengths of both companies to create a new brand of electric cars for China. This is a unique and exciting initiative and together we are pushing hard to bring this new electric vehicle to market as soon as possible,” said Wang Chuanfu, Chairman and President of BYD Company Limited.

　　“Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China. We are fortunate to have excellent joint venture partners in China and the establishment of this research and technology center with BYD adds another dimension to our growing presence in this important market,” said Dieter Zetsche, Chairman of the Board of Management of Daimler AG.

　　Today, Daimler AG and BYD signed a contract creating a 50:50 research and development technology joint venture for the development of an electric vehicle in China, with the new company using the Shenzhen BYD Daimler New Technology.

　　The two partners will invest $87.8 million to use as registered capital for the newly created business. The new generation of EVs developed by the joint venture will rely on Daimler’s know how in electric vehicle architecture and safety as well as BYD’s battery technology e-drive systems. The vehicle will be marketed under its own dedicated brand, which will also be jointly owned by Daimler and BYD.

　　“Together with Daimler we are making excellent progress identifying opportunities to utilize the strengths of both companies to create a new brand of electric cars for China. This is a unique and exciting initiative and together we are pushing hard to bring this new electric vehicle to market as soon as possible,” said Wang Chuanfu, Chairman and President of BYD Company Limited.

　　“Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China. We are fortunate to have excellent joint venture partners in China and the establishment of this research and technology center with BYD adds another dimension to our growing presence in this important market,” said Dieter Zetsche, Chairman of the Board of Management of Daimler AG.

　　The move follows the signing of a memorandum of understanding on March 1, which saw engineers, designers and other executives begin the development of the new EV project. Today, Wang and Dieter Zetsche signed the contract in Beijing. The license will have to be approved by relevant government departments.

　　In terms of the development of sustainable transportation and zero emission vehicles, DaimlerChrysler is always a leader. Daimler recently introduced electric version of smart fortwo, and two Mercedes - Benz electric models also will be launched this year, that is B-Class F-CELL adopted fuel cell technology and pure electric A-Class E-CELL.

　　BYD entered the cell area in 1995 and created leading battery manufacturing technology. After transferred into the automotive field since 2003, with rapid growth for five consecutive years, BYD becomes the fastest growing automaker in China. BYD launched dual-mode electric vehicle F3DM worldwide for the first time in December of 2008, and realized private sales in March 2010. Recently, BYD launched a pure electric vehicle e6, achieving commercial operation for the first time in taxi areas in China.

　　(Translator: Yalong/Jessie)

　　See original Chinese report Please click: http://auto.sohu.com/20100527/n272390971.shtml