German automaker Daimler AG (DAI.ETR) plans to build an all-electric car with its Chinese partner BYD (1211.HKG), The Wall Street Journal reported, citing a Sunday statement by Daimler’s board member in charge of R&D. The new car, called the Denza, is entitled to subsidies from both the central and local governments in China, Daimler officials said. The five-seater is expected to go on sale in China in September at a price of about US$60,000 (RMB369,000). About 450,000 plug-in vehicles need to be sold over the next two years to achieve a Chinese government target.