BYD-Daimler electric car venture approved by regulators in China
March 3, 2011, 9:28 pm TWN
BEIJING--Chinese auto group BYD and German luxury car maker Daimler have received regulatory approval for their joint venture to develop an electric car in China, the companies said Tuesday. The research and development venture Shenzhen BYD Daimler New Technology Co. Ltd. was given a business license nine months after the automakers signed an agreement on the partnership.
"Our joint venture is making excellent progress," said a statement by Wang Chuanfu, chairman of BYD, which stands for "Build Your Dreams." The new company will get an initial investment of around 600 million yuan (US$91 million), Daimler said previously.