Daimler to Invest in EVs for Chinese Market
GENEVA, SWITZERLAND - Speaking before reporters at the Geneva Motor Show this week, Daimler AG CEO Dieter Zetsche said he expects to easily invest ero100 million ($135 million) in its electric car joint venture with Chinese automaker BYD Co.
The venture, which doesn't yet have a brand name, will target growing demand for electric cars in China, the Associated Press reported.
BYD is a Chinese car and battery maker backed by U.S. billionaire Warren Buffett.
Development of the car will begin soon, but there are no plans yet to expand its availability beyond the Chinese market.
A technology center will be built in China to develop and test the vehicle, Reuters reported.