Daimler said it planned to work with China’s BYD to bring a new electric vehicle to the Chinese market under a brand created by the two companies.
The German carmaker said on Monday that it had signed a memorandum of understanding with the Chinese company, which makes both lithium-ion batteries and cars, to “establish a technology partnership for electric vehicles in China”.
The agreement marks a further foray into plug-in vehicles by Daimler, which last year bought just under 10 per cent of Tesla, a California-based producer of electric roadsters. Daimler later sold part of the stake to its own shareholder, Abu Dhabi-based Aabar Investments.
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