Daimler, BAIC to invest $735 million in electric vehicles in China

FRANKFURT – Germany’s Daimler and its Chinese joint venture partner BAIC Motor Corporation have agreed to jointly invest 5 billion yuan ($ 735 million) in battery electric vehicle production in China by 2020 and to provide the infrastructure needed.

Of that investment, a three-digit million euro sum is to be invested in a new battery factory to be built in China by joint venture Beijing Benz Automotive, Daimler said in a statement on Wednesday.

“By 2025, the Chinese market will have a substantial share in global sales of Mercedes-Benz electric vehicles,” management board member Hubertus Troska said.

Daimler and BAIC signed a framework agreement last month to upgrade production facilities at BBAC to make New Energy Vehicles, a label for so-called low-emission vehicles which include hybrid and pure battery electric cars.

Reporting by Niamh Melvin

Related Video:

Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.