Last March, Daimler and BYD linked up to develop an electric car for the booming Chinese market. In May 2010, BYD and Daimler made the deal official, signing a joint venture (JV) contract in Beijing that established the Shenzhen BYD Daimler New Technology Co. Ltd. On Tuesday, the duo announced that they've been granted regulatory approval to develop an electric car in China.
With an official business license now in hand, Shenzhen BYD Daimler New Technology Co. Ltd. has received the final piece of regulatory approval that it needed to launch a new brand of electric cars in China.
For Daimler, the deal gives the German automaker access to the Chinese market and to BYD's battery technology. BYD gets a direct link to a reputable, well-known luxury brand that's also an established player in markets across the globe.