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

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

0 comments 📅05 July 2017, 23:00

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

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

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

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

Reporting by Niamh Melvin

Source

Share this article:

No Comments

No Comments Yet!

You can be first one to write a comment

Leave a comment