Chinese automaker BYD (Build Your Dreams) and Mercedes-Benz's parent company Daimler AG have set up a new joint venture called "Shenzhen BYD Daimler New Technology Co. Ltd," to develop electric vehicles for China.
The two companies said that they are planning to invest a total of 600 million yuan (US$87.9 million) in the 50-50 partnership in China.
According to a statement made by Daimler, the German automaker will bring its "know-how in electric vehicle architecture and safety" to the venture, while BYD will contribute "it's excellence in battery technology and e-drive systems".