BYD, Daimler sign $88 m green car venture deal

BYD Automobile Co has finalized an agreement with Daimler AG to form a US$88 million joint venture to develop electric vehicles in China, state media reported. According to an agreement signed by the two automakers, the new venture – Shenzhen BYD Daimler New Technology Co – will roll out its first electric vehicles in 2013. The two companies signed a memorandum of understanding to set up the the venture in March. "Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China," said Daimler chairman Dieter Zetsche. China’s electric car market has received strong support from the government which aims to have 500,000 fuel efficient and eco-friendly new energy vehicles on the roads by 2012.