Daimler invests in China EV deal
Daimler and its Chinese joint venture partner BAIC Motor Corporation are jointly invest €646.5m in battery electric vehicle production in China by 2020.
The investment is also aimed at providing the infrastructure needed for the adoption of EV mobility.
Daimler said that part of the investment will see a new battery factory built in China by joint venture Beijing Benz Automotive Co Ltd (BBAC). Management board member, Hubertus Troska said, ‘By 2025, the Chinese market will have a substantial share in global sales of Mercedes-Benz electric vehicles.’
Daimler and BAIC signed a framework agreement last month to upgrade production facilities at BBAC to make New Energy Vehicles, its label for low-emission vehicles including hybrid and pure battery electric cars.