BYD and Daimler unveil JV electric vehicle manufacturer
BYD Auto Co. and Daimler AG have confirmed plans to locate their joint-venture electric vehicle manufacturing operation in the south China city of Shenzhen.
The JV will launch its first electric vehicle in 2013, according to BYD's Web site. Further details about the vehicle are not available.
Lian Yubo, vice president of BYD, has been appointed chief executive officer of the new venture. An as-yet unidentified Daimler executive will be the joint venture's chief operating officer, according to BYD.
Last May, BYD and Daimler signed an agreement to form the joint venture, which is called the Shenzhen BYD Daimler New Technology Co.
The venture's electric cars will feature the architecture of a Daimler vehicle and batteries made by BYD. The cars will be marketed under a new brand jointly owned by the two companies.
With registered capital of 600 million yuan ($88.6 million), the joint venture is equally owned by BYD and Daimler.
