Daimler and BYD have been public about their mutual attraction since March, when the two companies announced they would work together to bring electric cars to the Chinese market. Daimler chairman and head of Mercedes-Benz Dieter Zetsche made overtures when he said Daimler's electric vehicle architecture and BYD's battery technology and electric drive systems were "a perfect match." We then learned the partnership would bring a new brand of electric cars to market from a new research and development center in Shenzhen.
Thus, it should surprise no one that BYD and Daimler have made it official, signing a joint venture contract in Beijing that establishes the Shenzhen BYD Daimler New Technology Co. Ltd. The new JV will be owned half and half by the two parent companies and it tasked with "developing an electric vehicle for China." The two companies will invest RMB 600 million (around $87 million U.S., at today's exchange rate) in the JV. For lots of